◆ MILITARY CALCULATOR
Car: True Cost of Ownership
The payment is not the cost of the car. See what it really runs each month once insurance, fuel, and depreciation are in.
Try an example
What the car actually costs each month
$1,499
Loan payment
$508
Insurance
$400
Fuel
$132
Depreciation
$350
Loan$508
Insurance$400
Fuel$132
Upkeep$83
Registration$25
Depreciation$350
The loan payment is $508 a month, but the car costs $1,499 once everything is in, about $91,918over five years. “Approved” is not the same as affordable.
Estimates you can adjust to your own car, state, and record. Typical under-25 averages, with sources, are shown below the calculator.
How to use this calculator
- Enter the price, down payment, rate, and termThe loan payment is only the first line of the cost.
- Add insurance, fuel, maintenance, and registrationThe running costs the monthly payment hides.
- Read the all-in monthly and five-year costIncluding depreciation, so you see the true price before you sign.
A car loan is the easy number to focus on, and the lot is happy to let you. But insurance under 25 can run more than the payment, and depreciation quietly takes thousands a year. "Approved" is not the same as affordable. This shows the whole monthly cost, and what it adds up to over five years.
◆ Frequently Asked Questions
Why is the monthly payment not the real cost of a car?
Because the payment is one line among several. Insurance for a driver under 25 can rival the payment itself, and fuel, maintenance, registration, and depreciation add hundreds more a month. The all-in monthly cost is the number that has to fit your budget.
What is the biggest hidden cost?
Depreciation. A new car can lose thousands of dollars in value every year, money you never see on a bill. This calculator includes it so you can see the true five-year cost before you sign at the lot.
Does being approved mean I can afford it?
No. Approval means the lender is comfortable, not that the payment fits your life. A guaranteed military paycheck makes you easy to approve, so run the whole cost yourself before you commit.