Car Costs: What Hidden Expenses Should You Expect With a Car Purchase?
Posted by admin at 14 December 2016, at 13 : 34 PM
Everyone knows that buying a new car is a big investment. You can expect to pay a huge chunk of money for the cost of the car alone, but did you know that there are a tonne of hidden costs that you probably haven’t considered? Whether it’s tax payments or insurance, every car has a lot of extra costs that you have to take into account before you take out a loan or sell your current vehicle.
Insurance
The dreaded insurance. While most people hate paying ludicrous sums to insure their cars, it’ll come in handy when you end up in car wrecks or accidents. It’ll protect you from collisions and other problems you might encounter, and depending on your country and the type of vehicle, you might have other benefits too.
Everything is taken into consideration when buying insurance. Your driving history, age, your family’s driving history, the price of the car, the car’s history, and even your location. If it’s a brand new car, then, you can expect to pay an extra premium on your insurance. However, if the car is second-hand or a couple of years old, you can opt out of certain insurance covers so that you pay less. Either way, it’s mandatory that you have at least some form of insurance on your car so that you aren’t committing a criminal offence.
Repairs
Even the most careful of drivers will have to repair their cars at some point. Whether it’s a faulty battery or a tire that needs changing, it’s going to cost you money. However, you can offset some of the cost if you’re car-savvy and you understand the inner workings of your vehicle. Sourcing parts and replacing them yourself is a great way to cut down on repair and maintenance costs, but not everyone has the time for that.
Parking Fees and Tolls
If you drive across long distances, then, you might encounter toll bridges. While it’s not expensive, the costs will add up if you travel across it on a regular basis. Also, you might need to spend a lot of money on parking spaces if your home doesn’t come with a parking area. This is more noticeable in urban areas where space is limited, and you can expect to pay upwards of a thousand for a monthly parking space in a city garage.
Make sure that you have a place to park or store your car when it’s not in use. It’s best that your home has a parking space that you own, but you can also apply for parking permits in your area.
Accessories
Let’s face it, we love to pimp our cars with some of the latest gadgets and devices. Whether it’s an updated speaker system or just a strap on your seat belt to prevent it from hurting your shoulder, there’s a lot of extra toys that you can add to your car. One of the most useful devices is a GPS system. Unless there’s one built into your car, you can buy a standalone device to guide you no matter where you want to go. The alternative is to use your phone, and a stand is only the fraction of the price of a GPS.