Friday 14 June 2024

Sure you can afford a new car? Here are the costs facing you

I’m sure we would all love a new car every few months! There always seems to be a new sporty little number new on the market. How great would it be to dip into your bank balance and buy the latest sports car? Unfortunately, they are usually way out of budget. Even a standard car can sometimes be too much to afford. Even when you really need one. After all, you need to save up more than just the price of a car. So what expenses should you expect to face once you have a new car? Here’s a quick rundown.

Car Insurance

You are legally obliged to insure your vehicle. If you are ever found out to not have any insurance, you could end up being fined. And that could be a whole lot more expensive than purchasing insurance cover in the first place! So start looking for some new insurance as soon as you have found your perfect car. The cost of the cover will depend on the type of auto you buy. If you want to keep your expenses down as much as possible, don’t buy a car with a large engine. That’s because this is a surefire way to bump up your premiums.


You are going to have to buy fuel on a regular basis if you want to get anywhere in your car! And this can be expensive. Make sure you are able to afford filling up your car at least once a week. Obviously, if you plan on traveling quite far in your car on a regular basis, you might need to fill up more often. There are various ways you can try and save the amount of fuel your vehicle consumes. For instance, not driving too fast can reduce your car’s consumption. As can removing any heavy items that may be in the boot of your car.

Road Tax

It is also necessary to make sure you pay your road tax for your vehicle. Just like your car insurance, the exact cost of your road tax will depend on what type of car you have. If you have one that is considered to be bad for the environment, you will have to pay slightly more than average. So remember to buy a greener car if you want to save some cash on your road tax.


There is also regular maintenance that comes with owning a car. It is important that you get your car regularly serviced and various transmissions repair taken care of. All of this maintenance as it keeps your car safe when it is out on the road. Making sure you don’t skip any regular maintenance and check-ups can also save you a lot of money in the long run.

There are many things to consider before committing to a new car. Obviously, money is the biggest issue. Now you know what expenses await you, you can better figure out if now is the right time to buy a new car!

** This is a collaborative post

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