Car costs at a glance: From purchase to tax - these are the facts

Car costs at a glance: From purchase to tax - these are the facts

Owning a car means incurring financial expenses every month. In addition to the obvious costs such as fuel, there are also acquisition and maintenance costs. The acquisition costs of a car can vary depending on the financing model. Installments and leasing payments must be paid regularly. According to Verti.de, special payments may be made at the start and end of the contract, which can increase the overall costs. In general, it is recommended to pay the purchase price directly to save on possible interest.

The cost of fuel is another important monthly expense. Petrol and diesel prices have risen significantly in recent years in particular. According to the ADAC, 2023 was the second most expensive year for fuel, with 2022 reaching the top. Given the average fuel consumption of a mid-size car and a certain mileage, the monthly fuel costs can be considerable.

Car insurance is another major cost of owning a car. Premiums vary depending on vehicle value, driving experience, annual mileage and insurance coverage. Motor vehicle liability insurance is required by law and can appear justifiable by opting for fully comprehensive or partially comprehensive insurance. Additional insurance such as a car protection letter or passenger accident insurance can also be taken out.

The vehicle tax is based on the engine capacity of the vehicle and the emission class. Since 2021, a CO2 emissions surcharge has been levied for cars first registered in 2021. Depending on CO2 emissions, tax discounts or surcharges may apply. These taxes are payable annually or quarterly. It is advisable to set aside money each month for unforeseen repairs, as car repairs can be expensive and occur unexpectedly. It is important to keep an eye on the various costs of driving and plan accordingly.