Unless you live in the middle of the city centre, that you should get a car is usually less a decision, more an order. To not have a car is to be a rebel. To have a car makes perfect sense. But when we put this claim under the spotlight, does it stand up so well as routinely believed? While there are clear advantages to having your own set of wheels, there are downsides too, particularly when it comes to your finances. If you’re not careful – and sometimes even if you are – then your vehicle can end up costing you more than you previously planned. Below, we take a look at a few ways the automobile expenses can rack up.
From A to B
Wouldn’t it be magical if when you bought a car, you were given an “all inclusive” deal? That is, that the sticker price included everything, as is the case with most other things we buy. Alas, that’s not the case. Every time we start up our cars, they cost us money. And if you don’t know how to drive to ensure you’re getting the best MPG, then this cost can be more than you’d like. Petrol isn’t cheap, after all, so you want to ensure that any money you put into the tank gets you as far as possible!
The cost of petrol can add up, but at least the costs are spread over many years of driving. Not all costs come on an installment plan. Motor vehicle accidents don’t just pose a physical danger to those involved; they can also cripple a person’s finances if they’re not careful. Aside from the costs of repairing the vehicle, a person involved in a traffic incident may need to take time off work, pay for physiotherapy, and pay for other expenses. As such, it’s imperative that you’re sufficiently covered, and you’re ready to fight for your compensation should you find yourself in this position.
Tickets and Parking
Sometimes, the added costs are brought on yourself. If you’re accused of speeding, then you may have to pay an expensive fine or go on a course (also not cheap) to learn the right way to conduct yourself on the road. If you’re continually driving into the city (say, for work), then you’ll also have to pay parking fees, too. They might look cheap on a daily basis, but quickly amount to big money when multiplied by a year.
Getting too Fancy
One mistake some people make is that they get a car that is, realistically, out of their budget. Everyone wants to have the best car, but you have to make sure you can comfortably make the payments. Higher end cars don’t just have a high start-up cost, either; they can also be more expensive to repair, because the parts have a higher cost and they can only be installed by a person who’s an expert in dealing with that particular type of car. So stay in your comfortable price range!