The Complete Costs of Owning a Car

Are you fed up being late for work because the bus never showed? Are you sick of sitting beside the man with dreadful body odor on the train? Do you wish you had your own car?

It’s not just the cost of buying a car that pulls on your purse strings; a car comes with numerous other expenses that are essential to keep it in good shape and on the road. Here is a guide to the complete costs of owning a car

Purchase of the Car

The bottom line is that cars are expensive to buy.

If you are very strapped for cash, you may be able to pick up a banger for a couple of hundred bucks, but realistically, you should budget a few thousand to ensure you get something reliable that will get you from A to B without any bother.

To finance the purchase of the car, you could save up by cutting down on unnecessary expenses such as nights out, fine dining, takeaways, luxury cosmetics, holidays, and designer clothes.

Alternatively, you could get a personal loan from a bank or ask close friends or family to lend you the money and assure them that you will pay them back ASAP.

Insurance

To protect you financially if you are involved in a car accident, you should take out a vehicle insurance policy.

If you are at fault during a road collision and another person or their car is damaged, an insurance policy will cover costs incurred.

Your vehicle will also be financially protected against fire and theft.

As soon as you drive your new car out of the showroom, you should have a policy in place, so look online or in your local area for the best car insurance companies.

Mechanic’s Bills

Cars are not invincible, and sooner or later, you will have to pay out a considerable amount of money to get a component fixed.

The cost of parts and labor can set you back anything from $10 to $1000, so always ensure you have some cash set aside for mechanical emergencies.

Many people send their vehicle for a service once or twice a year when the mechanic changes the air and oil filters, checks the brakes, spark plugs, and suspension, and gives the car a thorough health check.

Depending on the level of service you request, this can cost at least $80.

Oil and Fluids

As well as fuel, you will need to purchase fluids such as oil, coolant, antifreeze, and windscreen wash for your vehicle. You may also want to buy shampoos and wax to keep its bodywork in tip-top condition.

Fuel

Unfortunately, cars don’t run on fresh air and require fuel such as gasoline, petrol, diesel or electricity to make them run.

Electricity is the cheapest option and the most environmentally friendly, but the cars may cost more to buy at the moment.

However, all vehicles will be powered by electricity in the not too distant future so buy electric if your budget allows.

Before buying a car, weigh up the pros and cons of owning one – the decision shouldn’t be made lightly.