I’m trying to sum up the total cost of ownership for running a car here. Other than the cost of the actual vehicle what are your annual or monthly costs for things such as insurance, tax, etc?
And if anyone can share, what interest rates were you able to get on financing for used vehicles? The kind you find on sites like SUM
i did a similar calculation in the past, and it was ~15K a month.
you need to count for insurance, tax, petrol costs, and parking…
That sounds expensive. How much exactly did you calculate insurance and tax to be? Parking in my area is only $2500 a month and with the distances I’d be driving and price of petrol here, I don’t really consider fuel much of a factor.
for me parking is 3,500 near home and 3,500 near work… so total 7K.
fuel:1 or 2 refills a month, around 1500 nt.
dont remeber how much insurance and tax were.
There are also highway toll fees.
For me…
parking is free with my house. Huge plus.
Insurance is about 20K a year (we pay it yearly for a discount, full coverage)
Gas is about 3K a month
Maintenance is about every 10K kilometers and isnt much.
Payment is about 16K a month.
So in total…roughly 21K a month
You also have to pay the “vehicle license tax” (in April) and the “fuel tax” (in July) each year. The vehicle license tax and fuel tax are based on the “car engine displacement.” Most passenger cars in Taiwan are probably between 1,201cc to 1,800cc: the annual vehicle license tax is NT$7,120, and the fuel tax is NT$4,800 for this category, so almost NT$1K/month.
Then you have to replace tires every few years, which is at least another NT$16K-20K. Don’t forget the cost for car wash and car detailing too.
In 2015 I bought a new 3.2l Turbo Diesel Ford Ranger Wildtrak 4x4. Due to where I live I wanted a vehicle with 4x4 and good ground clearance. I looked at a few vehicles. I added an ARB bull bar and driving lights. My vehicle is registered to my company so my annual vehicle taxes are NT$5150 registration and NT$7120 fuel tax for the two road taxes you pay a year.
I put down NT$400k and borrowed NT$1.2 million on a 5 year loan. My repayments were around NT$22,400 a month. I got 5 year warranty so took a loan to match that period. The interest rates in 2015 were very low I don’t recall exactly. Go to any car dealer and their sales staff would tell you what the interest rates are.
Some dealers will have an existing customer car for sale. I was offered a 6 month old Ranger from a person who kept getting fines and wanted to sell it. I know Toyota used to offer a used car deal with warranty.
First thing is to know your budget and what financing payment you can afford. I could have paid cash but I took the loan to build up credit history. I made all my payments early usually a week before due date.