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What's the Real Cost of Your First Car?

Seventeen-year-old Lanna bought a car for $1,800. Lanna was thrilled and felt that she got a great deal on the monthly payment. But six months later, her "really cool car" sits in the driveway most of the time because she can't afford to drive it. Figure out the REAL cost of car ownership, starting with this list.

1. Gas. Lanna needs about $25 every week for the gasoline to drive her car to work and school. You can't control gasoline prices, but compact cars are more fuel-efficient than trucks and vans.

2. Oil. Changing your oil every three months takes only about 30-45 minutes and $20-$30 (a lot less to do it yourself), but the consequences of neglecting it can be serious.

3. Maintenance. It cost Lanna $225 to replace her muffler. If you're buying a used car with higher mileage, think about frequently used and exposed parts: exhaust system, windshield wipers, brakes, tires, lights, and so on. Repairs can be costly, so be prepared by saving for them.

4. Insurance. Most states and most lenders require auto insurance and Lanna's cost $120 a month. Many insurers charge teenagers double or triple premiums because new drivers are a higher risk. Ask about discounts for such things as earning good grades in school.

It is never too early to start thinking about the expenses of owning your first car. Start saving more today by putting a little bit in your Arrowhead Credit Union Savings Account every month and begin your making for first car dreams come true.

Guides to Independence

Arrowhead Credit Union recognizes that financial education is an ongoing process for all of us. The choices you make now shape your future. Make the right choice-and take advantage of our interactive guides on practical money management skills on topics that are impacting you.

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What is Googolplex?

Ever wonder which is worth more—a 1978 Boba Fett action figure or a 1989 Hot Wheels Lamborghini? If the U.S. could run out of money? Who's taking money out of your paycheck?

You'll find the answers to these and a googol of other questions by reading Googolplex: The CU Guide for Student Moneymakers.

Googolplex contains stories, games, and puzzles for elementary, middle, and high school students. It's all about money—getting it, saving it, spending it, borrowing it. It'll show you how business and the economy work and how you can take control of your financial future. And it'll make you laugh.

Read Googolplex today. And come back regularly. You'll find something new each month. It's just one more way Arrowhead Credit Union can help you make the most of your money.

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