What is the basic cost estimation + breakdown of purchasing a new/used vehicle?

Question

I think it goes something like this (pls. correct me where I'm wrong or lacking):-

Insurance cost + payment to the seller + state (county) taxes + BMV title registration/transfer + License plate.

I think registration and license plate cost will be minimal (under 50 each) in most cases.

Answer 1

Don't forget depreciation...a new vehicle will lose 15-20 percent of it's value the first year and up to 50-60 percent in three years which means the new car cost of 25,000 that you plunked down with a loan is now worth 12,000 three years later while the used car that you bought for 18,000 is now still worth 13,000.....just rough figures but you get my point.....you much better off financially buying a 2 year old used car with a year of warranty left than buying brand new unless you just have to have brand new or intend to keep it for 7 years or more. Buying a quality used car may not get you all the options you want like ordering a new one but many times, people buy from a dealers inventory anyway.
Just a few tips, Paul

Answer 2

Each state has grossly different registration costs. Many states its more then the sales tax on the car. Looking at just the purchase end you are correct. NY plates for example go by vehicle weight. I have seen some over $200.00