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Section1 Directions: Use this form to estimate how much it will cost you to keep your vehicle on the road. Check with your parents and repair shops for estimates and with the county auditor for the taxes, fees, and tests.
EXPENSES (Monthly Operating Costs) COSTS
Taxes & Fees
Check with the county auditor for the taxes and fees required in your city/state. Sum the total of all taxes and fees and divide by 12 to derive a monthly average cost.
Registration = $
Taxes = $
Total Monthly Taxes & Fees = $
Maintenance
The average person drives their car 15,000 miles per year. Use this number to estimate maintenance expenses. Check with your parents and/or repair shops for estimates. Divide the result of this multiplication by 12 months in a year.
Oil change and lubrication (Calculate all and choose one)
Every 3,000 miles = 5 times per year x $ (enter cost) = $
Every 4,000 miles = 4 times per year x $ (enter cost) = $
Every 5,000 miles = 3 times per year x $ (enter cost) = $
Tire rotation (every 5,000 miles = 3 times per year) = $
Repairs (Quote from the “Buying a Car” worksheet) = $
Tune-up (every 30,000 miles = ½ times per year) = $
Total Monthly Maintenance = $
Gas & Insurance & Car Payment
Total monthly gas (From “Vehicle Comparison Shopping” worksheet) = $
Total monthly insurance (Quote from the “Insurance Quotes” worksheet) =$
Total monthly car payment (Quote from the “Buying a Car” worksheet) = $
Total Monthly Operating Expenses = $
Section 2 Directions: Use the following format to develop your personal monthly budget. You’ll be use the information from your car costs estimate, and when you’re done, you’ll know if you can afford your car.
Personal Monthly Budget
Net Income:
Net wages = $
Other income (allowances, gifts) = $
Total Income (A) = $
Personal Expenses:
A. = $
B. = $
C. = $
D. = $
E. = $
F. = $
Total Personal Expenses (B) = $
Vehicle Operating Expenses:
(Enter this information from the bottom line of the previous page)
Total Monthly Operating Expenses (C) = $
Total Income (A) + $
Total Expenses (B + C) - $
Amount Available for Car Payment $
If you have more expenses than money (also called a deficit), you can’t afford a car payment. If you ended up with a surplus (more income than expenses), how much extra did you have? Is that enough to support a car payment for the car that you want? How much of a down payment can you put down to help you afford the car? Try not to extend the length of the loan beyond 4 years to lower the monthly payment because the total cost of the loan will be greater.
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