Car Ownership Comes At a Price: Can You Afford It?

    Posted by Ben Davidson about 3 months ago
    Passing your driving test is a great moment- even years later it’s something you never forget. All of the hard work, effort and stress all pays off that moment your examiner says congratulations. But this isn’t the end, rather the very beginning. And now you’re a fully fledged driver you’ll be keen to get out on the roads and reap the rewards of the skills you’ve worked so hard to gain. But there’s a snag- buying and running a car is expensive. You don’t realize quite HOW expensive until you start adding everything up. Here’s what you need to be taking into consideration when you want to own a car. 

    The Cost of the Car
    Cars are big purchases, they don’t come cheap. You have the option of buying an older model, but the older and cheaper you go the less reliable, it’s likely to be. For more expensive cars you could consider getting finance to cover the purchase. That way you can spread the cost, although it’s another monthly cost towards your car that you have to budget for. 

    Car Insurance
    One of the biggest costs for you as a newer driver is car insurance. When you’re first out on the roads you will be paying a lot, it’s not until you build up a record of good driving through making no claims that your premiums drop. You will need to check the insurance costs before purchasing any vehicle, even similar sizes and models can vary dramatically so don’t just guess. The last thing you want is to end up with a car you can’t afford to insure. 

    Road Tax
    Road tax is known by different names around the world, for example, in Brazil, it is known as IPVA 2018 MG, in Ireland, it’s Motor Tax, Australians colloquially call it ‘Rego’. Either way, this is generally based on how much co2 emissions your car releases. Depending on the age, size and model road tax can be very expensive, so again this is something you will need to check before buying your car.

    Your fuel costs will of course depend on how much you drive, your engine size and also the way you drive too. But every car owner has to pay for fuel, so this is another cost to factor in. If you find you are spending too much, you could reduce costs by not driving with the windows open as this creates wind resistance and using the air conditioning sparingly. If you rev the engine unnecessarily (like when you’re sat in traffic), this wastes fuel too. Shop around for your fuel since different gas stations will have different rates. 

    Cars are robust machines built to last, but they’re not indestructible. Parts wear out and break down and will need replacing every so often. Depending on what goes wrong this could be very expensive to fix, it’s worth having some savings put away for this exact reason if you do have issues.


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