Is Your Car Costing You Too Much?

Posted by Ben Davidson about 8 months ago
Cars are expensive. There’s nothing new about it. The average transaction price of a new vehicle in Canada is $33,464. So why are many vehicles so expensive? You’d be surprised to know that scrap yards and Craiglist buyers can buy cars from less than $1,000. In fact, there are over 33 millions of vehicles in Canada for 36 million inhabitants, so it’s fair to say that almost everyone who needs a car owns and drives one. Consequently, not all cars are expensive. Only the new ones are! Nevertheless, while the price tag differs considerably between new and a used vehicle, car-related costs that occur after the purchase days can still be high. In Canada, owning a vehicle can cost you between $8,600 and $13,000 a year, which is almost as much as the average annual rent in a two-bedroom apartment. So why do all cars continue to cost so much after you’ve bought them? 
 
Don’t let it lose value

Authorities estimate that there are 160,000 car accidents per year in Canada, which less than 3,000 fatalities. In the USA, there are 37,000 crash-related fatalities per year, which implies almost ten times as many road accidents than in Canada. Ultimately, the more cars are on the road, the more likely accidents become, regardless of your driving skills. Unfortunately, collisions are a common occurrence on all streets, and consequently, while most people can get out unharmed, your vehicle instantly loses value. That’s precisely where the team at Hansen Price plays a significant role, as they ensure drivers are in the best possible position to get the money they’re owed in relation to the diminished value of their car. The legal team supports you in your insurance claim so that you can recover your loss. Without a DV compensation, drivers end up suffer long-term financial consequences. 

How much are you paying for that?

Every vehicle needs maintenance now and then. But when you undergo repair costs, it’s essential to make sure you’re not paying more than you should. Indeed, car repairs can be costly, but they can be extortionate if you don’t compare prices between different repair centres. Be careful. However, the cheapest option is not always the best. Don’t decide without reading online reviews first! But, ultimately don’t take a quote for granted if you can find cheaper elsewhere. Additionally, you need to be cautious of false savings, such as rejecting preventive maintenance to save money. In the long run, this will cost you more to fix. 

Don’t waste money on fuel

Did you know that you might be spending too much on fuel? Indeed, driving inefficiently is the Number One cause for high car-related expenses, especially during the summer season when most families drive on holiday. An aggressive driving style, for instance, doesn’t do anything for your fuel consumption. Speeding and idling can also cost you a few dollars at the end of the year. You need to keep your driving style relaxed, and look after your tyres for better mileage. 
In conclusion, cars can be expensive if you are spending more than you should. From losing value to burning fuel, your car can cost you almost as much as renting a two-bedroom apartment in a year. It’s time to reduce your car budget effectively! 
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