Using a rental expense spreadsheet is extremely beneficial to those looking to find out how much money they will be spending during their first year of ownership of their car. By obtaining this information as a common sense approach, and dividing it up into categories, is an excellent way to avoid a headache when figuring out your expenses and actual dollars for that same type of car.
To accomplish this, you should divide your expenses into a couple different categories and then figure out how much you have to spend on things such as gas and maintenance. To begin with there is a question that has to be answered as to what type of car you own. The majority of people will go out, and purchase a luxury vehicle, which is usually better for one year, but may be a detriment in the long run due to the escalating cost of oil, the wear and tear on your vehicle, and other associated costs.
Another thing that you should include is your gas mileage per mile, and this should be listed in the expense spreadsheet. While this doesn’t offer an exact amount, it can help you figure out what your projected expenses are going to be, based on your fuel consumption.
You can also add in some information that comes from your owner’s manual. In many cases you will find something called the OBDII system. Your maintenance manual can provide you with information on what type of maintenance procedures will need to be done every year, and how much each will cost.
For the monthly lease payment you should ask the dealership if this is covered in the lease agreement. If it is you should add this into your expense spreadsheet.
You should also use this information to determine how much money you will be spending on insurance, and taxes, as well as what was the final payment you were given by the dealership. Many times these amounts will not be included in the leasing contract and need to be factored into your budget every month.
Now you will have a total dollar value for your lease, and how much it will cost you over the course of the year. This includes the amount you will pay for gas, maintenance, insurance, and other related fees, as well as all lease payment fees.
Once you have the monthly expenses on hand and the total dollars, then you will be able to determine how much you will be able to afford each month to pay for your car rent, and what your monthly payments will be. This is a very important step to take in determining how much money you can afford to spend on owning a car!