Owning a car can be an expensive affair. With things such as monthly car payments, insurance, gas, parking fees and maintenance, if you aren't careful to budget smartly your car can quickly monopolize your wallet. Fortunately, buying a car doesn't have to be an automatic sentence to penny pinching and purse-string tightening. There are a few tips you can keep in mind to alleviate some of the financial burden so you can feel like royalty without having to spend like it too.

Shop for success
Much of your ability to save money later depends on what kind of car you decide to buy now. That's not to say you should buy a cheaper vehicle – in fact, those may even be more unreliable and lead to more money spent in repairs down the road. Be sure to do research into the models you are considering. Reliability, safety and fuel economy may mean you pay a bit more now, but buying smart can save you a ton of cash later on in gas and repairs.

Managing costs
Edmunds recommended not spending more than 20 percent of your gross income on your car, and that includes things like parking and gas expenses as well. To get a better idea of how much of your car budget you can spend on the actual car, you'll want to familiarize yourself with what Edmunds referred to as the True Cost to Own. This is a formula designed to help weed out incidental hidden costs so you can get a clear picture of what you can spend on your wheels.

One such hidden cost is your insurance premium, and Edmunds estimated that this makes up approximately 25 percent of your car budget. To make sure you are paying as little as possible, shop your insurance around before committing to a policy. Keep in mind that cars with higher safety and reliability ratings will also generally give you lower insurance premiums. No matter what car you drive, you can keep your insurance rates down by driving safely and avoiding accidents.

The biggest offender in the incidental cost arena? Gas. Edmunds reported that up to 41 percent of the money you spend on your car will go right into your fuel tank, so make sure you shop for efficiency and drive conservatively to get the most out of your fuel.

When it's time to buy a car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team that can help you afford the used vehicle that's right for you.