What Is Your Car Costing You?
Are you a first time car buyer? Or perhaps you had bought a car before but are still not entirely familiar with the cost to own a car?
It’s ok, continue reading because we are going to share with you the cost you need to or when owning your car.
Before proceeding, no, this article does not intend to stop you or discourage you from buying a car but just to let you know what are the costs you need when purchasing a car. Don’t misunderstand us alright? We are just trying to share our two cents about the cost of owning a car.
The cost you need to know in owning a car:
1) Price of The Car
Of course, this is obvious enough, you want to buy a car, you need to pay for it. This cost actually depends on the car you intend to own. For the same type and kind of car, a used car can be lower in price than a brand new car.
Of course the price also depends if you are purchasing a luxury car or a more affordable car. Purchasing an imported car can also cost more than a local car.
2) Cost of Fuel
Fuel is definitely one of the biggest costs you need. With no fuel, then there is no driving or meaning of owning the car. The cost of fuel is quite unstable as the price often increases.
Well, the cost for your car’s fuel can also differ depending on the car you drive. Some cars consume more fuel while some cars require less fuel. You have to know the fuel efficiency of the car you intend to buy.
Perhaps considering hybrid cars or electric cars. The price of electricity is cheaper than the price of petrol.
“High gas prices are eating away at consumer’s disposal income and could lead to a further economic downturn, especially for those whose livelihood depends on gasoline and diesel fuel.” - Major Owens
3) Cost of Maintenance
You own a car, of course you need to maintain it right? Maintenance fee is required to ensure your car runs smoothly. Think about the car oil maintenance, tires, battery and all those other requirements.
Not to mention sometimes we can really be unfortunate and the car might need to go for a repair due to some faults. It could be costly. Some parts can be really expensive.
Once, Admin’s car got a little problem regarding some fuel pump or something like this. A small part cost Admin around RM1000. Luckily the mechanic gave Admin a little discount.
4) Cost of Insurance
Undeniably, as required by the law, each car needs to have insurance. Likewise, depending on your car, some car’s insurance can cost in the hundreds to thousands. It depends alright, not every car is the same. It depends on the car.
Consult a few insurance agencies, perhaps you can get different benefits for your car’s insurance.
5) Interest
Interest is important. Unless you are purchasing your car in full cash and you are getting a loan, you need to pay the interest for your loan.
Do you know that actually by getting a loan and interest, the car will be more expensive than the actual price of the car? Think about all the interest you have to pay.
Perhaps you can consider placing more down payment so that you will be taking less on the loan.
So, after knowing some of this cost when owning a car, what do you think? Is the cost manageable? Comment and let us know if the cost is acceptable to you or not. If you know any other cost that is needed, share it with us in the comment section too.
We hope that this article could at least give you some idea on the financial preparation that you need before purchasing a car.
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