Final answer:
Wilma must consider additional vehicle-related expenses such as fuel, maintenance, parking, tolls, and car wash costs, all of which can considerably affect her budget. These expenses, combined with possibly higher insurance premiums for younger drivers or high-repair-cost vehicles, must be accounted for in her overall car affordability assessment.
Step-by-step explanation:
In addition to the monthly car payment of $395, Wilma should consider other vehicle-related expenses such as fuel and maintenance, parking fees, toll charges, and the cost of a car wash. These additional costs can greatly impact her overall budget for a new car. For example, the cost of fuel will vary depending on the car's fuel efficiency and how much she drives. On the maintenance side, a car's first-year maintenance is approximately exponentially distributed with a mean cost of $150. This could be higher or lower depending on the vehicle's condition and her usage. Parking fees and toll charges can add up if she frequently travels through toll zones or parks in paid lots. Lastly, she may also want to allocate a regular budget for keeping the car clean with car wash services.
It's essential for Wilma to factor these expenses into her budget to avoid any surprises down the line. Additionally, as per the previous context on automobile insurance, if Wilma is young or if her vehicle has a high repair cost, her insurance premium could be higher, which becomes another ongoing expense even after the car is paid off. All these factors combined will significantly influence the affordability of the vehicle and will play a crucial role in her decision-making process.