Vehicle Cost of Ownership in Roanoke, VA

What Is the Total Cost of Owning a Vehicle?

There’s something different about driving a Jaguar. This luxury brand provides a comfortable, exciting ride that you won’t match with many other vehicles. Of course, buying a Jaguar is a significant purchase. You need to know the annual vehicle expenses, not just the sticker price. Other costs come with buying a Jaguar. If you are aware of these, you can make the right choice and bring home the model that fits your budget.

Once you are ready to purchase a vehicle, come to Jaguar Roanoke in Roanoke, VA. We’re dedicated to helping you find a model that not only meets your needs when it comes to features and capabilities but also makes sense for you financially.

Monthly Car Payment

It’s not unheard of for Roanoke customers to come into the dealership and pay cash for a Jaguar. However, this is less common than financing. Most customers need time to pay for their purchase, which is where an auto loan comes in. When you finance a Jaguar, you can stretch out monthly payments over a certain period, usually 24 to 72 months.

To calculate car payment obligations, you’ll have to factor in interest, too. The term of your loan will also determine how much you will pay each month for your vehicle. You can lower your monthly payments with a larger down payment or a trade-in. Also, the better your credit score, the lower the interest rate you’ll get.

Car Insurance

Interestingly, unlike most states, Virginia does not mandate that you must have auto insurance to drive a vehicle. However, this does not mean it’s wise not to have it. Auto insurance will protect you financially and legally if you are in an accident.

Insurance coverage can cover many of the costs you would incur in an accident. Plus, your coverage would help with injury claims if you were the subject of a personal injury lawsuit. In addition, if you do choose to go without insurance, Virginia imposes a $500 uninsured motorist fee.

It’s best to purchase an insurance plan. To find the right one, get quotes from several auto insurance companies and look for the best rates.

Fuel

More electric vehicles are becoming available. Jaguar has the I-PACE, an EV that exemplifies luxury. However, any other new model you purchase from Jaguar Roanoke will have either a full gas engine or a hybrid, requiring you to use fuel to power the vehicle. It’s important to consider the fuel cost when you evaluate how much you’ll spend on your car.

Think about how much you drive, what type of fuel economy the vehicle gets, and how much the average cost of gas currently is. This will help you figure out how much it will cost you per month to put fuel in your vehicle.

Registration and Fees

In Virginia, when you buy a car, you must register it with the Department of Motor Vehicles. The registration cost for most is $30.75. However, this isn’t just a one-time cost. You must renew this registration every year after the vehicle passes an emissions test.

Maintenance and Repairs

It’s prudent to set aside between $800 to $1,000 or more per year for auto maintenance. Regular oil changes, tire rotations and balancing, wheel alignments, and inspections of belts, brakes, and the battery are vital for your car’s performance and longevity. Vehicle maintenance cost is something you will need to commit to, as putting off service will only lead to bigger, more expensive repairs in the future.

Another reason to stay on top of maintenance and repairs is to slow down depreciation. Although your vehicle’s value will go down, you can improve its resale value by keeping it in good condition.

Find a Car You Can Afford at Jaguar Roanoke

Car ownership is something you need to take seriously. This is one of the most significant purchases you will make, so ensure that you can afford not only the initial costs but also those ongoing ones, such as putting in fuel and doing maintenance. Carefully budgeting will help you choose a vehicle that you feel comfortable with. Also, the team at Jaguar Roanoke in Roanoke, VA, is here to help you every step of the way in the buying process. Come and visit us today.