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    The Cost Considerations Of Owning A Car

    Lakisha DavisBy Lakisha DavisDecember 7, 2023Updated:December 7, 2023
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    The Cost Considerations Of Owning A Car
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    Are you planning to purchase your first vehicle?

    First-time buyers can be caught out by the varied cost considerations of owning a car, so before you invest make sure you understand the expenses beyond the asking price. This guide covers all of the costs involved in having your own vehicle, from filling it with fuel to getting insurance protection.

    The cost of fuel

    As petrol prices continue to rise going into winter after a turbulent two years, the cost of fuel has never been a more important consideration for motorists.

    Make sure that your budget for buying your first car includes an estimation of your fuel costs. You can calculate this by estimating your monthly mileage and checking the miles-per-gallon of the car. Include a buffer for any non-routine journeys such as leisure activities outside of the working week.

    Be pessimistic with your estimations to make sure that you’re covered should fuel prices stay high.

    Services and maintenance

    To keep your car running smoothly, it will need regular maintenance. This includes a full service once a year as well as an annual MOT test that assesses road safety and environmental compliance.  

    Your MOT test is a legal requirement, priced between £30 – £55 depending on your vehicle. Your other maintenance checks are not officially enforced, but your services are also essential to ensuring your safety and the safety of drivers around you.

    A full service is a 50-point inspection led by a mechanic that covers your brakes, engine, filters, tyres, lights, and more. The cost of the service will depend on the amount and severity of the repairs that need to be made to your vehicle.

    Especially if you rack up 1,000 miles per month, you’ll need to arrange an interim car service between your full maintenance checks as well. This helps to catch any issues early and prevent dangerous situations from occurring unexpectedly.

    Car insurance

    All drivers are required to get insurance for their vehicle. Comprehensive car insurance covers you in the event of damage to your car or someone else’s vehicle and accidental injury in a collision, regardless of who is at fault.

    The cost of car insurance is influenced by a number of factors: your age and occupation, annual mileage, where you live, any previous claims, and how long you’ve been driving.

    Young and new drivers are considered to be more high-risk and are therefore often penalised with more expensive premiums.

    Road tax

    You’ll also need to arrange road tax for your car. This includes a payment as soon as you register the vehicle, followed by annual payments throughout the ownership.

    The price of road tax depends on the average CO2 emissions of your vehicle at the point of registration.

    Are you planning to purchase your first vehicle?

    First-time buyers can be caught out by the varied cost considerations of owning a car, so before you invest make sure you understand the expenses beyond the asking price. This guide covers all of the costs involved in having your own vehicle, from filling it with fuel to getting insurance protection.

    The cost of fuel

    As petrol prices continue to rise going into winter after a turbulent two years, the cost of fuel has never been a more important consideration for motorists.

    Make sure that your budget for buying your first car includes an estimation of your fuel costs. You can calculate this by estimating your monthly mileage and checking the miles-per-gallon of the car. Include a buffer for any non-routine journeys such as leisure activities outside of the working week.

    Be pessimistic with your estimations to make sure that you’re covered should fuel prices stay high.

    Services and maintenance

    To keep your car running smoothly, it will need regular maintenance. This includes a full service once a year as well as an annual MOT test that assesses road safety and environmental compliance.  

    Your MOT test is a legal requirement, priced between £30 – £55 depending on your vehicle. Your other maintenance checks are not officially enforced, but your services are also essential to ensuring your safety and the safety of drivers around you.

    A full service is a 50-point inspection led by a mechanic that covers your brakes, engine, filters, tyres, lights, and more. The cost of the service will depend on the amount and severity of the repairs that need to be made to your vehicle.

    Especially if you rack up 1,000 miles per month, you’ll need to arrange an interim car service between your full maintenance checks as well. This helps to catch any issues early and prevent dangerous situations from occurring unexpectedly.

    Car insurance

    All drivers are required to get insurance for their vehicle. Comprehensive car insurance covers you in the event of damage to your car or someone else’s vehicle and accidental injury in a collision, regardless of who is at fault.

    The cost of car insurance is influenced by a number of factors: your age and occupation, annual mileage, where you live, any previous claims, and how long you’ve been driving.

    Young and new drivers are considered to be more high-risk and are therefore often penalised with more expensive premiums.

    Road tax

    You’ll also need to arrange road tax for your car. This includes a payment as soon as you register the vehicle, followed by annual payments throughout the ownership.

    The price of road tax depends on the average CO2 emissions of your vehicle at the point of registration.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Lakisha Davis

      Lakisha Davis is a tech enthusiast with a passion for innovation and digital transformation. With her extensive knowledge in software development and a keen interest in emerging tech trends, Lakisha strives to make technology accessible and understandable to everyone.

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