If you're like most people, you should expect to budget about 10 to 15 percent of your monthly income on car expenses. However, one of the mistakes that people make is only thinking about the cost of the car payment when buying new or used cars. Unfortunately, there are many other items that should be included under the umbrella of auto expenses that people do not realize. This can drive your monthly costs up and even bust your budget. Here are four items that should always be included in your monthly car budget. 

The Cost of the Car Payment

The largest item that will be in your monthly car budget is the cost of the car. This includes the entire cost of the car, including taxes and interest. Always keep in mind that if you are paying $15,000 for a car, by the time taxes and interest are added in, the cost is a lot more. Factor this into your budget or use an online car calculator to determine what your monthly payment will be. 

Title, Registration and License Fees

The next item that needs to be included in your monthly car budget is the cost of the title, license and registration fees. When you first purchase a new or used car, you will have to pay these fees right away. From there on after, you will typically have to pay registration yearly. Most states have a calculator that lets you estimate what your yearly registration fees will be based on the type of vehicle you are considering buying. 

Auto Insurance Costs

Before you buy a new or used car, call your auto insurer and ask them how much it will cost to insure the vehicle you are thinking of buying. This helps to ensure that the insurance costs for the car fit within your monthly auto budget. 

Maintenance and Repairs

While you cannot plan out what repairs you will need and when, you should always have money set aside to pay for maintenance and repair costs for your car. Some cars are more expensive to maintain and repair, and typically, the older the car, the more repairs it will need. Keeping these factors in mind will help you determine how much money you should be setting aside for repair costs. 

Before you buy a new or used car, sit down and figure out how much of your money you can afford to spend on your car each and every month. Then be sure to subtract each of these four items from the budget to ensure there is enough money to afford the car you are considering purchasing. This method helps you stick to a budget and prevents you from overspending.