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A car is an important purchase for anyone, especially if you have a family. How much does a car really cost though, you may ask? If you’re a new car owner, you may not really know the full implications and impact running a car will have on your finances.
After the initial purchase, you need to look at how much you will need per month to keep your car on the road. It may sound a lot but if you budget correctly then you can probably run your car quite comfortably.
So, have you been thinking about how much a car would cost? Well, this can really depend on the type of car that you want depending on its engine, the amount of seats it has, the type of fuel it consumes and many other things including any car modifications which will add to its price.
In addition to this, you will be sure to note that the first thing to look at is how much are you going to be driving and how far on a daily basis. How much will my fuel cost? Well, on average, cars take around 13.3 litres per 100 kilometres. So this is important to note if you’re just going to be using the car for work or if it will also be used on the weekends for days trips and going to see friends and family.
The next thing to consider is your maintenance costs. Maintenance costs include regular services which includes your MOT as well as any repairs and spare parts that you may need as a result of general wear and tear sustained through driving often. Wear and tear may also include having to change your tyres. Replacement costs will most definitely also include fitting and balancing the new tyres, which can be costly but tyres don’t need to be replaced that often thankfully. They will need to be at some point or when it flags up on your MOT. These are separate cash pots that you will need for your car.
Car insurance is another big cash eater. A good car insurance policy will protect you by covering damage you may cause to other people’s property or their car, harm to other people, as well as theft and damage to your car.
This depends on the policy and there are many to choose from, some of which include where you park the car, eg. in a garage, on a busy street and the more dangerous the location, the pricier the package. Car insurance is vital to have and you must not drive your car without it.
You also need to think of the costs of parking. This sounds silly but parking costs, and any fees that you acquire, whether that’s driving accidentally in a bus lane or speeding, these fines add up. It’s good to practice safe driving always and look at using public transports where necessary. It’s good for the planet and for your pocket, especially if you are driving into city centres. It’s time to budget for that car!
This is a collaborative post.