Car dealers are often found confused about charging DMV fees on the customer because of availability of separate fees. Most of the seperate fees seems to be small and immaterial. On the contrary, while making your calculations, you must add up these fees. You don’t have to be very exact about the figure, but it will surely give you a ball park idea of your costs.
In majority of the states, DMV fees ranges between 1 to 1.5 percent of the purchase price of the car. In the second and following years, the fees go down and ultimately
it got stabilized.
Let us calculate the DMV fees for our hypothetical example. The purchase price of car was $21,095. Now multiply this by 0.01 or on conservative side by 0.015. Hence the DMV fees = $21,095×0.015 = $316.43. If we add up to the total cost of car till now; it will be $22782.60+$316.43 = $ 23,099.02.
We have seen the price of car has jumped from $20,000 to $23,099.02, once we added sales tax and DMV fees. Now the question is; can you still afford to buy?
Figuring Auto Loan Payments
Auto loan interest payments are figured out by the method called ‘amortization’. The calculator was founded by Edmund, making it easy to compute this amount and get your correct monthly payments done for your car loan.
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