New Mexico Auto Loan Calculator
Calculate your car payment in New Mexico with 4.875% state sales tax (up to 9.2% with local). See monthly payment, total interest, and total cost.
How This Calculator Works
Calculation methodology and assumptions
Auto loan calculation for New Mexico. New Mexico's state sales tax of 4.875% is applied to the vehicle price minus trade-in value. Local taxes may add up to 4.313% more. Monthly payment uses standard amortization: P × [r(1+r)^n] / [(1+r)^n - 1].
Key State Information
New Mexico auto buying facts: State sales tax 4.875%, up to 4.313% additional local tax. Average car insurance in New Mexico: $1,480/year. On a $35,000 vehicle, New Mexico sales tax alone is $1,706.
Frequently Asked Questions
How much is sales tax on a car in New Mexico?
New Mexico's state sales tax rate is 4.875%. Local jurisdictions can add up to 4.313% more, for a maximum combined rate of 9.2%. On a $35,000 car, state sales tax is approximately $1,706.
What is the average car insurance cost in New Mexico?
The average annual car insurance premium in New Mexico is $1,480, or about $123/month. This is below the national average.