Automotive research site Edmunds offers an array of calculators that will show you what you can afford and what your monthly payments would be. To make sure you have room in your budget for all those extra fees and charges, he recommends you lower your target price by $2,000 to $3,000. Called doc fees, these are charges passed along by car dealerships to process a vehicle's paperwork. "When you're coming up with what the target price is, bear in mind you're going to pay sales tax on the vehicle, as well as delivery charges and documentation fees," Bartlett says. Likewise, make sure you budget for taxes. "Even before going to the dealership, pick out a few models you're interested in, and send out some requests to insurance companies to figure out what the insurance costs will be on those vehicles," Mel Yu, automotive analyst for Consumer Reports, tells CNBC Make It.Ī new car or a lease will likely have higher insurance premiums. Once you settle on a few models that check all the boxes, look at the total car costs, including insurance and taxes.
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