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Looking for a New Car? 3 Step Plan to Get Behind the Wheel

June 4, 2018 Time to pick out a car for yourself or a family member? You’re probably feeling both excited and a bit nervous. After all, it’s one of life’s biggest purchases and a decision you’ll be probably be living with for a while. But you can’t start the search until you know how much you can afford to spend – not just on the car payment but on all the things that go along with owning a vehicle. Those can add up quickly. According to AAA, it cost an average of $9,561 a year ($797 a month) to own a car in 2020. Our three-step plan will help you get a handle on car-related costs and how to stay on top of them.

Step 1: Figure out what owning a car will really cost.

Cars can be expensive. Check out the list below, then use the budgeting and goal-setting tools on to prepare. Insurance. Insurance is a must and it pays to understand your options. Things like the type of vehicle, your payment schedule (say, monthly vs. annually), and the amount of your deductible (emergency savings could let you opt for a higher deductible and a lower premium) could all impact your insurance costs. Get more than one quote and make sure you’re comparing apples to apples: “cheaper” coverage could end up costing you. Registration. Vehicle registration can run to hundreds of dollars a year depending on where you live. Fuel. Gas prices have been relatively low for years but they’re starting to tick up again. If you have a long commute or do a lot of traveling, fuel costs could add up quickly. Repairs and maintenance. A newer vehicle will cost you more in payments but (probably) less in repairs, especially if it’s still under warranty. And all cars will need tires and routine maintenance (though completely electric cars don’t need oil changes!). Tolls and parking. Does your commute include tolls? And do you have to pay for parking where you live and/or work? Car payment. How much car can you afford? Find out in just minutes with Summit’s free, fast . Or, sit down with Summit’s lending experts (see Step 3 below) so they can walk you through your financing options and help you figure out the payment that’s the best fit.

Step 2: Plan ahead.

Once you have a rough idea of what it will cost you to own a vehicle, start saving – for the vehicle itself and the costs that go with it.  Automatic deposits (right from your paycheck to your savings account) make it easy.

Step 3: Use Summit’s Auto Resources.

This handy includes everything from online tools to on-staff experts who can help you with every stage of the research and buying process. Check it out! Follow our three-step plan and you’ll be on your way to owning your car in no time. Good luck! Smart money tips brought to you by ® , Summit’s exclusive financial wellness program. You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA