Enter the monthly loan cost ($), the monthly maintenance cost ($), and the monthly insurance cost ($) into the Total Car Cost Calculator. The calculator will evaluate and display the Total Car Cost. 

Total Car Cost Formula

The following formula is used to calculate the Total Car Cost. 

TCC = LC + MC + IC
  • Where TCC is the Total Car Cost ($)
  • LC is the monthly loan cost ($) 
  • MC is the monthly maintenance cost ($) 
  • IC is the monthly insurance cost ($) 

To calculate the total car cost, sum the monthly loan, maintenance, and insurance costs together.

How to Calculate Total Car Cost?

The following example problems outline how to calculate Total Car Cost.

Example Problem #1

  1. First, determine the monthly loan cost ($). The monthly loan cost ($) is given as 500 .
  2. Next, determine the monthly maintenance cost ($). The monthly maintenance cost ($) is calculated as  50 .
  3. Next, determine the monthly insurance cost ($). The monthly insurance cost ($) is found to be 200.
  4. Finally, calculate the Total Car Cost using the formula above: 

TCC = LC + MC + IC

Inserting the values from above yields: 

TCC = 500 + 50 + 20 = 750.00 ($)

FAQ

What factors can influence the monthly maintenance cost of a car?

The monthly maintenance cost of a car can be influenced by several factors including the age of the vehicle, its make and model, how it’s used (e.g., city driving vs. highway driving), and the cost of parts and labor in your area. Regular servicing, unexpected repairs, and the need for replacement parts can all contribute to the monthly maintenance cost.

How can I reduce my total car cost?

Reducing your total car cost can be achieved by shopping around for competitive insurance rates, refinancing your car loan for a lower interest rate, performing regular maintenance to avoid costly repairs, and choosing a car with a reputation for reliability and lower maintenance costs.

Are there any additional costs not included in the Total Car Cost formula?

Yes, the Total Car Cost formula focuses on loan, maintenance, and insurance costs but does not include several other potential expenses. These can include fuel, parking fees, tolls, and depreciation. For a comprehensive understanding of car ownership costs, these factors should also be considered.