Automotive Calculators

Calculate vehicle costs, loans, fuel efficiency, maintenance expenses, tire dimensions, oil to gas ratios, and the true cost of car ownership

Frequently Asked Questions

Should I lease or buy a car?

Leasing offers lower monthly payments and lets you drive newer cars every 2-3 years, but you never own the vehicle. Buying means higher payments but you build equity and have no mileage limits. Lease if you: drive under 12k miles/year, want lower payments, like new cars. Buy if you: drive a lot, want to customize, plan to keep 5+ years. Use our lease vs buy calculator to compare total costs for your specific situation.

How do I calculate true cost of car ownership?

True cost includes: purchase price or lease payments, insurance ($1,500-$2,500/year), fuel ($150-$300/month), maintenance ($500-$1,200/year), registration/fees ($100-$500/year), and depreciation (20-30% first year, 15-18% annually after). For a $30,000 car, expect $7,000-$10,000 annually in total costs. Our true cost calculator factors in all these expenses to show real monthly and yearly ownership costs.

What affects my auto loan interest rate?

Your credit score is the biggest factor: excellent credit (740+) gets 3-5% rates, good (670-739) gets 6-9%, fair (580-669) gets 10-15%, poor (<580) may face 15-20%+ rates. Other factors: loan term (longer = higher rate), down payment (20%+ gets better rates), new vs used (used cars get 1-3% higher rates), and lender type (credit unions typically offer 0.5-1% lower than dealers). Check rates from multiple lenders before buying.

How much car can I afford?

Financial experts recommend the 20/4/10 rule: 20% down payment, finance for no more than 4 years, and keep total monthly vehicle expenses (payment + insurance + gas + maintenance) under 10% of gross income. If you earn $5,000/month, limit vehicle costs to $500/month. This typically means a purchase price of 35-40% of annual income. Use our affordability calculator to find your safe budget range.

What is included in car depreciation?

Car depreciation is the loss in vehicle value over time. New cars lose 20-30% value immediately after purchase, then 15-18% annually for years 2-5. After 5 years, the average car retains only 35-40% of original value. Factors affecting depreciation: brand reputation (Toyota/Honda depreciate slower), mileage (12,000-15,000 miles/year is average), condition, color (neutral colors hold value better), and market demand. Luxury and electric vehicles often depreciate faster.

How do I calculate monthly car payments?

Monthly payment depends on: loan amount (price - down payment - trade-in), interest rate, and loan term. Use the formula: P = [r(PV)] / [1 - (1 + r)^-n], where P = payment, PV = loan amount, r = monthly interest rate (annual rate ÷ 12), n = number of months. For example: $25,000 loan at 6% for 60 months = $483/month. Our auto loan calculator does this instantly and shows total interest paid.

What's better: 0% APR or cash rebate?

It depends on the rebate amount and your credit. Generally, take 0% APR if: the rebate is small (<$2,000), you have good credit (would qualify for low rates anyway), or you're financing long-term. Take the cash rebate if: it's large ($3,000+), you can get financing under 4% elsewhere, or you're paying cash (apply rebate to principal). Our calculator can compare both scenarios with your specific numbers to show which saves more money.

How does credit score affect auto loans?

Credit score dramatically impacts costs. On a $30,000 5-year loan: excellent credit (740+) at 4% = $552/month, $3,120 total interest. Fair credit (620) at 11% = $652/month, $9,120 total interest—a $6,000 difference! Below 580, you might need a co-signer or pay 18%+ rates. Before car shopping, check your credit and fix any errors. Even improving from fair to good credit can save $50-100/month.

What factors determine car insurance rates?

Insurance rates are based on: age (under 25 pays 2-3x more), driving record (accidents/tickets increase rates 20-50%), location (urban areas cost more), car value/type (luxury and sports cars cost more), coverage level (full coverage vs liability), deductible (higher deductible = lower premium), credit score (poor credit adds 20-50%), and annual mileage. Typical costs: $100-$300/month depending on these factors. Shop multiple insurers annually to find best rates.

Should I buy new, used, or certified pre-owned?

New: Best warranty, latest tech, but loses 20% value immediately. Best if you: keep cars 7+ years, want latest safety features, have excellent credit. Used (3-5 years old): Best value, already depreciated, but no warranty. Certified Pre-Owned (CPO): Inspected, extended warranty, costs 10-15% more than regular used. CPO offers best of both worlds—near-new condition with warranty at used prices. Our calculator compares total 5-year costs for all three options.

Understanding Vehicle Costs & Financing

Vehicle ownership involves multiple costs beyond the purchase price. Our automotive calculators help you understand the total cost of ownership and make informed decisions about buying, leasing, and maintaining vehicles.

Vehicle Financing Options

Understanding your financing choices:

  • Auto loans with fixed or variable rates
  • Leasing for lower monthly payments
  • Cash purchase to avoid interest
  • Trade-in value considerations
  • Down payment impact on terms

Total Cost of Ownership

Factors that affect vehicle ownership costs:

  • Depreciation - Largest cost factor for most vehicles
  • Fuel Costs - Varies by vehicle efficiency and driving habits
  • Insurance - Based on vehicle type, location, and driver
  • Maintenance - Regular service and unexpected repairs

Money-Saving Tips

Ways to reduce vehicle ownership costs:

  • Buy reliable, fuel-efficient vehicles
  • Consider certified pre-owned vehicles
  • Maintain your vehicle regularly
  • Shop around for insurance and financing
  • Drive efficiently to save fuel