Car ownership is rewarding and provides a sense of accomplishment that few other purchases can offer. Indeed, there really is nothing like driving on the open road.

Unfortunately, this freedom isn’t free. Buying a car, whether new or used, includes a number of key expenses. This can all be managed effectively; however, you’ll want to set and stick to a sensible budget that will cover all the costs of car ownership.

Here are four key expenses to include in your vehicle budget.

1. Car Payment

Unless you pay off your car in cash upfront, you’ll be saddled with a monthly car payment as part of any vehicle you acquire. With interest rates still remaining relatively low, your monthly payment can be surprisingly affordable — especially if you don’t splurge on something fancier than your income allows.

Used cars naturally have savings potential over most new vehicles, and paying a larger down payment can reduce your ongoing costs significantly. Then again, some prefer to take the longer-term interest hit and hold onto their savings, while leasing is also becoming an increasingly popular option that can come with low (or no) payment upfront.

2. Gas and Oil

Gas will be — by far — the biggest week-to-week expense of owning a car. Though prices are now beginning to creep back up, they have remained quite low for years in line with the sharp fall in global crude prices. But if you commute any type of distance every day to work, we’re still talking about hundreds of dollars per month. That can jump considerably with any long-distance vacations or if your workplace is upward of 50 miles away from home.

Oil is another recurring expense. These days, changing your oil every 3,000 miles is a bit outdated, as most cars can get by with an oil change every 5,000 miles. Of course, doing it yourself from the comfort of your driveway or garage will save you some money, although the convenience of stopping by a reputable mechanic is hard to beat.

3. New Tires

Today’s modern tires last longer than ever before, but they still won’t survive forever. That means you’ll need to splurge on one or more replacements every so often, meaning your vehicle budget should factor in that unexpected cost depending on your amount of driving. Your best bet? Budget for quality tires, rather than second-rate, discounted wheels, as they will ultimately pay for themselves.

Just be sure to consult your owner’s manual, as a vehicle’s weight, local road conditions and other factors can affect tire life. And don’t forget to do a regular visual inspection. Wear bars, the “penny test” and other time-tested inspection methods can help identify when it’s time to replace your set.

4. Maintenance and Repairs

Outside of aesthetics and style, the biggest reason people buy a new car is peace of mind. While used cars will operate well for years, there’s always the lingering fear something major could go wrong at any time. By contrast, new cars rarely experience massive functional issues in the first few years, and when they do, it’s usually covered by your warranty.

That said, either option will include some maintenance costs, and new cars should be easier to plan for. Changing out your coolant, air filter, wiper blades, spark plugs and battery are relatively minor disruptions compared to the work needed to be performed with regard to the transmission or engine valves. Check the prices of the parts you’ll need to replace in the next year and then add in an emergency line item in case big repairs are needed.

Hitting Budget Goals

With a little bit of saving and smart planning, that car you’ve been eying can one day be yours.It just takes some discipline and intelligence. Just make sure to factor in your monthly car payment, the price of gas, tire replacements and other maintenance and repair work. If you shop around, keep tabs on spending and take good care of your ride, these costs should be manageable.