THE REAL COST OF DRIVING

An interactive calculator to help teens understand
the real costs of driving.

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1. Car Cost

Think about your dream car and fill in the following fields.
The cost of your car will be a big contributor to your total cost of driving.

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What's the total cost of your first ride?
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This is the first payment you make when you buy a car. It's recommended that you pay at least $2,000 (or 15-20% of your total car cost). After you make a down payment, you pay the rest of the cost back little by little—so try to pay as much as you can now!
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This is the bank fee you have to pay for borrowing money. It's usually a percentage of your total loan amount (the total car cost minus your down payment). Average interest rates range from four to nine percent so if you're not sure, choose a rate within this range for now. Have a credit card? A good credit score usually leads to a lower interest rate!
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How much time will you have to pay back your loan? This is your loan term.
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2. Upkeep Cost

Don't forget about the hidden costs you'll have to pay to make sure your car keeps running!
You'll have to account for everything from gas and oil changes to repairs and taxes.

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How many miles do you think you'll drive each month? Multiply this by the cost of gas where you live to estimate your monthly fuel cost.
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Your average monthly cost will vary based on the kind of car you drive, how often you drive, and where you drive. Costs for everything from oil changes to brake upkeep can range from $25 a month (if you drive a compact car) to $50 a month (for an SUV).
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This is the fee you have to pay your state government in order to drive your car. Taxes vary by state but typically average about $100/month. For a more exact tax cost, you can talk to your parents or search online.
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3. Insurance Cost

Many factors impact your insurance rate. Some variables are preset. Less-experienced drivers, for
instance, will receive higher rates because data shows an increased crash risk. (We know--unfair!) But
don't worry: factors in your control like good grades can lower how much you pay! (Awesome, right?) Car
variables like make, model and age have an impact too.

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If you're unsure of your premium, the average for a teen is $2,400 per year (or $200 a month). Consider the factors explained here and adjust this average as needed.
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4. Total Cost

Can you swing these costs? If not, think about what you learned and try again.
Then compare costs and figure out your first ride.

Car $0.00 Upkeep $0.00 Insurance $0.00 0.00