Car purchases can be one of the most exciting, stressful, and expensive decisions we make in our lives. The day of your purchase is merely the beginning of the financial adventure that is car ownership. Whether you opt for a fuel efficient commuter car, truck to haul tools or a boat, or the sports car you always dreamed of, some basic knowledge will help you make an informed decision so you can plan accordingly.

1. Sales Tax, License, and Other Fees - The day of your purchase you may be shocked to learn that the price you land on for your new car may not include sales tax. The average sales tax in the United States is over 8% and the average sales price for a new car is over $30,000, which means that you can expect to pay approximately $2,500 on average when buying a new car. In addition, dealers typically tack on a variety of other fees you may not be expecting and only appear at the time of signing. The cost of registering a car varies by state but can be a shock to the uninitiated. It's also important to know that these fees are recurring every year and they can change as local law changes. Be prepared to pay hundreds of dollars to legally operate your car in your state every year.

2. Fuel Costs - We all know that the more we drive the more our gas costs skyrocket. One thing we don't always consider is that fuel costs can vary dramatically by car type. Premium fuel can cost fifty cents more per gallon, or five to ten dollars per fill up depending on the car. Taking a realistic look at car mileage and fuel costs is critical to understanding your expenses over the long term.