Yahoo TV

When purchasing a car, there can be numerous associated fees that often go unnoticed. Bankrate analyst Alex Gailey joins Wealth! to discuss how to minimize these hidden costs.

Gailey points out that hidden expenses include vehicle insurance, fuel, taxes, and maintenance and repair costs — factors that many individuals fail to consider when buying a car. She highlights that these expenses can add up to nearly $557 per month in addition to your car payments. However, this figure can vary based on location and driving habits, with states like Louisiana, Georgia, Florida, and Indiana experiencing some of the highest car ownership costs in the country.

"Really, the best way to save on car expenses such as gas, auto insurance, or even maintenance repairs is by being proactive and trying to do the math ahead of time as much as possible," Gailey tells Yahoo Finance. She encourages individuals to invest time in researching and creating a comprehensive car budget.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith