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We all know cars are expensive – there’s no doubt about how the newer models being released on the market can cost you upwards of £20,000 to buy outright. But who exactly would fork out that much money for a vehicle that’s going to lose its value as soon as you drive it out of the dealership? Well, many more people than you’d think.
And that’s one of the reasons as to why cars are so expensive that we’re going to delve a little more into below. But we’re not going to stop there! There are more reasons as to why cars can get so pricey – be sure to read through the other points on this list if you’re curious.
Buyer Demand
The first thing to remember is that people from all walks of life are going to need a car. They’re going to need the best form of reliable transport in the modern day and age, and they’re all going to be shopping around for the best car for their needs. It’s why schemes such as Motability cars have been set up – cars guarantee independence, and some people struggle to pay for that.
However, beyond this, you have people who can buy a car comfortably, and then buy another one just as comfortably, and will be doing this over and over again, simply because they can. And it’s actions like these that’ll ensure the prices stay up.
New Features Drive Up Prices
On the other hand, the amount of new and modern features that cars are being fitted with also help to guarantee a high sale price. New devices to ensure cars are safer, more comfortable, as well as more fun and convenient, all go a long way to putting the price point higher and higher.
Paying for this tech, even if you don’t (and will never) use it is what’s going to cost you. Even just paying for the research and development of such tech needs to come from somewhere, and it’s going to come from you, the consumer, even before you buy anything.
The Running Costs Can Be Exponential
And of course, there’s the running costs to contend with. A car can be expensive simply because you have to fill it with fuel on a regular basis, as well as take it to the mechanic for both simple maintenance and repair, as well as pay car tax year by year. All of these costs add up, and the average running costs bill per month is £160 here in the UK. For someone who only earns £1000 per month, that works out as more than 10% of their total monthly salary.
Cars can be expensive thanks to their brand name, the buyer demand for them, and the fact that it costs thousands to keep them on the road year by year. Be sure to keep these points in mind if you’re thinking about getting a new car – it might not be worth it!
