Cost of Vehicle Ownership in Lynchburg, VA

What Is the Total Cost of Owning a Vehicle?

Anyone who has purchased a Mercedes-Benz model knows they are making a huge financial commitment. These luxury vehicles are among the most respected and sought-after models. But if you are interested in getting into a Mercedes, you need to think about just more than the sticker price of the car. Other factors are at play when it comes to owning a vehicle.

When you visit us at Mercedes-Benz of Lynchburg, be sure to budget carefully and remember to consider everything involved with your car ownership. If you rely solely on what the price tag says, you may find yourself needing help to afford your purchase comfortably and find car ownership to be stressful.

Monthly Car Payment

Although some shoppers in Lynchburg, VA, can pay cash for their new Mercedes-Benz, many must finance. Financing allows you to pay over time by making monthly payments between 36 and 84 months.

Along with the purchase price of the vehicle, other factors determine the monthly payment amount. The interest rate and loan term are important to remember. The higher the interest rate, the more you will pay each month and during the life of the loan. Longer terms will have lower payments but higher rates. Conversely, lower rates come with shorter terms with higher monthly payments.

Putting more money down or applying a trade-in can lower your purchase price. You can also calculate your car payment by using online tools. This can help prepare you for when you purchase the vehicle at the dealership.

Cost of Car Insurance

Virginia is a rare state in that it doesn’t require drivers to carry car insurance. Be aware, however, that you must pay a $500 uninsured motorist fee if you decide not to get insurance. And considering the costs of repairs after an accident can be steep — not to mention the liability you would face if there were injuries — it’s not worth it to forego car insurance. Rates will vary depending on the model you drive and how old it is, as well as your driving history.

Cost of Fuel

You will always want to factor in gas prices when you budget for a vehicle. Fuel costs fluctuate frequently and often wildly. To estimate your fuel spending each month, evaluate your driving habits and how often you fill up at the pump. If you’re cutting it close each month with your fuel budget, look for ways to drive less by combining trips or carpooling.

Luckily, Mercedes-Benz has some hybrid and electric options to drive. An electric car would allow you to skip the pump altogether and save hundreds of dollars each year on filling up.

Cost of Registration and Fees

In Virginia, at the time of your vehicle purchase, you must register the model with the Department of Motor Vehicles. The state of Virginia requires that you renew your car’s registration annually. Fees are assessed to owners who are late on renewals.

Cost of Maintenance and Repairs

Because you rely on your vehicle just about every day, you need it to perform well. Although issues will come up even with the best cars, you can avoid bigger problems by sticking to a good maintenance schedule. Don’t put off repairs and service, but do remember to budget vehicle maintenance costs in your budget.

The cost of repairs can be daunting, but this is not something to put off or avoid. Your car will have a longer lifespan if you are on top of maintenance. Plan on budgeting for vehicle maintenance each year. You can also minimize the depreciation of your vehicle if you are diligent about doing maintenance and repairs on time.

Find a Car You Can Afford at Mercedes-Benz of Lynchburg

When shopping for a vehicle, don’t just look at the sticker price. You should consider what your annual vehicle expenses should be, which include auto insurance, registration, fuel, and maintenance and repairs. Before you come to Mercedes-Benz of Lynchburg in Lynchburg, VA, set a budget with these other components in place so you know you can afford your purchase.

There’s a lot to enjoy about owning and driving a Mercedes-Benz. Come and see us today, and we’ll help you get into a model that makes the most sense for your finances.