Headline : Check out this YouTube channel for deciding if you can afford that new car you want

Read more from the original article on here at qz.com.

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When it comes to buying a new car, agreeing on a price you’re happy with is really only the first step. Even after you learn what your monthly payment will be, you’ll have more expenses to consider, like insurance, gasoline, and maintenance. Odds are, you could run the numbers yourself and come up with a pretty good estimate of what it will really cost to own that new car you’ve had your eye on. Or, you could just let this YouTube channel we found do most of the work for you.

Maie Haven’s channel is still pretty small, but it’s essentially entirely dedicated to calculating an estimated cost to own for any given vehicle. For example, let’s take the Chevrolet Tahoe Z71. The basic 5.3-liter V8 version has an MSRP of $68,295. Add in the $1,995 destination charge and about $5,600 in sales tax, and you’re probably looking at a total of about $76,000 just to get the keys to a Tahoe Z71.

A 10 percent downpayment would be about $7,600, and if you figure you’ll pay about 8.0 percent interest over 72 months, you’re looking at a monthly payment of $1,200 or so. Over six years, that interest will add up to about $18,000. Then, if you add in about $175 a month for insurance, between $250 and $275 a month for gas and a $75-ish monthly maintenance budget to make sure you’re prepared for when something breaks, that brings your monthly cost to own up to a little more than $1,700.

If you figure that 15 percent of your yearly income is a responsible amount to spend on transportation every month, that would mean you’d need to make more than $137,000 annually to afford that Z71 you’ve been looking at. Over the course of the 72 month loan, though, you’d end up paying more than $131,000 for the privilege of driving that $68,000 Tahoe.

Read more from the original article on here at qz.com.

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