There are many car buying costs to consider when choosing to purchase a new vehicle. It is easy to forget about some of them. We wanted to share a quick guide to the things you definitely need to think about.
You shouldn’t be driving a car if you don’t have insurance. It can be tough to get an affordable policy that covers everything you need so make sure you are shopping around to find the best deal. You will usually find that you have to pay more if you are quite young or if you have claimed in recent years.
Look for insurance which has other costs included such as breakdown cover and see if the monthly or annual payments are affordable.
Fuel is the thing you will buy most regularly when it comes to your car. With the cost of living causing prices to rise exponentially, it can be hard to always afford fuel. There is a fantastic car payment calculator which helps you with calculating your fuel budget.
It helps you to estimate your annual cost given the type of car you drive, the amount you drive per month and the price per gallon. By doing so, you can budget accordingly.
In the UK, it is also important that your car is taxed. This is fairly inexpensive but is a regular cost that you need to factor into your budget. You can choose to pay monthly or annually, you will usually be able to save money by paying it upfront.
Another cost you have to consider is regular services. In the UK, it is law to have an MOT every year if your car is three years old or more. The test checks that everything on your vehicle meets legal standards. If you don’t get one when you are supposed to, you can be fined which is an extra cost. If you do, you may find your car needs work to bring it up to legal standard and this will cost too.
By getting your car serviced regularly, you will hopefully be aware of any issues and be able to space them out rather than getting one big bill that you need to pay really quickly.
These are just a few costs that you need to consider when it comes to running a car. Have I forgotten any important costs? It is important to consider all of these when getting a new vehicle.