Insurance, maintenance, the monthly payment -- these are just some of the factors that go into the cost of owning a car.

"The total cost of car ownership in New York City could easily exceed $11,000 depending on how much you use it and how much service your car needs. When we look at what we are spending on though, those other vehicle expenses -- that's the transmission, that's a new set of tires, that's oil changes and filters -- that could run you over $3,900 per year. The car payment over $3,100 per year depending on your financing rates, E-ZPass and tolls, easily over $1,800 a year. And gas prices, which have come down, are around $1,730 per year," says Caleb Silver of Investopedia.

News 12's Kristie Reeter breaks it down and shares some tricks to cut the cost even more.

"Two of the biggest expenses of a new vehicle are finance and depreciation, depreciation is going to cost you about $5,000 a year, for the first five years," says Robert Sinclair Jr. of AAA.

Sinclair says that sticking with your current car, especially if you paid it off, will save you a lot of money.

"Drive the old one until the wheels fall off," Sinclair says.

Stay up to date in maintenance, like checking tire pressure.

Sinclaire also recommends that you shop around for insurance prices.