Buying a car can be a big investment. When you decide you want to be on the roads and gain that independence, there are more costs to think about than the car itself. We want to talk to you today about some of the other costs involved in buying a car and why you should take the time to budget for these things before you sit behind the wheel.
1. Insurance
The most obvious extra cost when buying a car is the insurance you need to pay to get it out on the road. Car insurance is a legal requirement for all drivers and if you are looking to buy a new car you should get a few quotes beforehand to make sure you can afford it. There are also other types of insurance such as sr22 insurance to consider so make sure you are aware of all the costs before you agree to anything.
2. MOT
When you buy a car the thing you need to check is whether the vehicle has an up to date MOT. and MOT is a test for the car that is required once a year to ensure that the vehicle is safe to drive on the road. The MOT itself usually doesn’t cost too much money, however if your car requires any repairs it is important for you to be prepared for that. If the car is fairly young and in good condition you shouldn’t have a problem, but make sure you have a fund ready to dip into for major issues that may arise.
3. Daily maintenance
There are a lot of different types of maintenance you need to consider when you have a car, and these don’t just include the big things such as repairs and spare tyres. Every day there are things you need to do to maintain the health of your car such as cleaning, checking and filling up fluids, and checking tyre pressure. Be ready for these niggling costs that can accumulate over time.
4. Fuel
When most of us think of the costs of running a car, we think about fuel. Fuel is incredibly expensive, and fuel costs often go up every single day. When buying a car it is important to consider the running cost of a particular make and model and consider the eco-friendliness of the vehicle. The good news is that in recent years, laws around carbon emissions have caused many car manufacturers to move towards eco-friendly cars. Bear in mind that the longer your fuel lasts before needing a refill the better!
5. Depreciation over time
Every car, no matter what type, will lower its value over time. It is important for you to research this before buying a new car because it may be the case that that make and model you want will half in value after a few years, and this can be a bad idea for investment. Look for a car that won’t depreciate too much over time.
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