BootCamp

There are a number of things that affect the cost of insurance:
***Gender & Age. Obviously, males between minimum age (usually 16) and 25 go into a "high risk" category.
***Driving Record / Citations. The more points you have on your license, the more you pay.
***Collision Coverage, which is based on the price/replacement value of the car (required for all financed cars - in states that require insurance coverage).
***Theft Rating If the vehicle is high on the "desirable" list, it'll cost you more to insure.
***Liability Limits. Minimums are usually dictated by the State the insured lives in.
***Deductible. The less you want to pay out of pocket, the more you pay in premiums.
***Past claims. If you've filed a lot of claims, you may have trouble getting insurance anywhere. If you're lucky enough to find a company to insure you, you'll pay dearly. This is seperate from Driving Record - you can submit claims for damage from vandalism, fire, theft, etc. ...... none of which are moving violations.
***Lapses in Insurance Coverage in the past. Does not apply to new drivers - obviously.

For the sake of argument/comparison, let's use a Charger SRT8 (6.1L Hemi V8) with Option Group 1 ($675.00) as the only "Option" as a baseline with some hypothetical figures: (bear in mind these costs - unique to each driver and their geographic location- will vary and are NOT actual costs, but an approximation ONLY!)
One time costs:
$42,654.60.00: Purchase Price of the vehicle $37,395.00, sales tax @ 8% ($3,159.60) and gas guzzler tax ($2,100.00).
$36.00 :Title ($20.00), Plates ($16.00 - more for "Vanity"/custom with an additional annual fee in most states), Fees.
Recurring costs:
($73.00 - 2 years) Registration
($18.00 - 1 year) Inspection
($51.00 / week) Gasoline at current prices based on 15000 miles/ year, 17 mpg overall, & @ $3.00/ gallon
($159.95 / year) Oil ($23.36/), filters ($8.63/) based on 5 oil changes / year using 7 qts. non-synthetic oil & above average filters for each change - DIY
Tires, brakes, air filters - dependant on conditions, mileage and recomended service schedule.

Let's take a hypothetical approach (keeping it modest).
+$42.654.60 purchase price of the car
+$ 56.50 Title and registration & transferring plates
- $12,796.58 30% down payment / trade in value
$29,914.52 Amount financed (70% of the sale price) for 60 months @ 7.00% -$592.34

Monthly costs:
$592.34 car payment
$218.57 gasoline (same formula as above)
$ 13.39 maintenance (oil changes only - car wash / wax / detailing / other maintenance ie tires, brakes, etc. additional)
$ 6.95 registration and inspection
$ 85.00 insurance - approximate, based on 40 yr old male, clean driving record, driver safety course within last three years, collision and full glass coverage with a $250.00 deductible, $250,000.00 /$500,000.00 /$50,000.00 limits on liability, new 2 door coupe (I used a Mustang GT coupe for a baseline here), large V8 engine, 15 miles ea way to/from work, 15,000 miles annual, NO multi car /homeowners /renters discount
$916.25 per month

Males between the ages of 16 and 25 (in most states) with a clean driving record - on their own policy can expect monthly insurance costs approximately 2X - 4X the monthly cost estimated above (under the same mileage conditions for the same car), putting the cost between $1001.25 and $1171.25 per month.

[i][b]PLEASE don't crucify me for these calculations. Again, they're HYPOTHETICAL, APPROXIMATE and based on the most applicable current costs I could obtain for an overall IDEA of what we're considering as a direct answer to the original question.[

Paladin06

"Let's take a hypothetical approach (keeping it modest).
+$42.654.60 purchase price of the car
+$ 56.50 Title and registration & transferring plates - $12,796.58 30% down payment / trade in value
$29,914.52 Amount financed (70% of the sale price) for 60 months @ 7.00% -$592.34 "

One small change to the above if that car is purchased here in AZ the tags and reg will approx be $750 the first year and be slightly reduced every year there after.

wallstreetman

Isn't that age and sex discrimination?

RoswellGrey

Of course it is. Welcome to the wonderful world of actuarial tables which apparently can justify anything.

BootCamp

Sure. We've all been subject to it, now or in the past, whether it benefit or handicapped us.
By definition, you could even call it prejudice. Insurance companies aren't alone. The police do the same thing, but they call it "profiling".

That's outrageous!
Is Arizona is a commonwealth (like Virginia), where you don't pay State income taxes, but get hit with hefty "personal property" taxes and fees instead? That's the only justification I can imagine for such rediculous charges to put a car on the road.

Paladin06

No, it is not an east coast common wealth thank God!!

davecpa

hey cheekie... nice to see a girl in her once in a while. welcome.[sm=welcomesign.gif]

Axel

That's more common then you can imagine. Our local news ran something on how fair our taxes are and that people who are licensing their cars in other states, from this state, are breaking the law and there is no reason for it. Yeah right! My Mustang plates/registration were $559, my wife's car, Dodge Avenger sale price $20,000 something and some change, $500, which also includes a previous owner tax and an RTD tax. An RV will cost you over $2,000 to put on the road. And yet they still say that CDOT is underfunded and they don't have the money to repair roads and bridges that need it.

BootCamp

Here in NY, the title costs $20.00. After a loan/lein is satisfied, you can get a clean title with your original title, an MV901 release of lein, and another $20.00 for DMV.
Vanity plates (personalized) are $43.00 initially, and $25.00 a year thereafter.
Registration is based on the engine size and weight. My wife's Charger R/T registration fee is $72.00 every 2 years.
Inspections are done annually at $18.00 per.

NYS DOT gets it's funding from State Income taxes and subsidies from the Federal Government derived from Excise Taxes.
DMV fees are used strictly for DMV operating costs / enforcement.

Although our motor vehicle registration fees are considerably lower than yours, NY more than makes up for that in MANY other areas.

davecpa

The funny thing is that this site on here at https://dodgechallenger.com/concept/specs/ says it all. It was right under my nose all the time. But I will believe it when i see it.