Are you tired of having to rely on public transport, car shares, taxis, and your friends and family in order to get around? Have you watched others with their own vehicle and envied just how easy it is for them to run errands, commute to and from work, and all the many other conveniences? If so, perhaps you’ve also gone ahead and made the decision that the time has come for you to purchase your own vehicle. Perhaps you’ve had one in the past, or maybe this will be your first vehicle despite having held a driver’s license for years.
Regardless of the situation, it’s bound to open all kinds of doors to flexibility and convenience. However, with that said, there are expenses involved that reach far beyond just your car payment. While these ownership expenses shouldn’t necessarily steer you away from purchasing a car, it is wise to be aware of them so that you can budget accordingly.
The Cost of Fuel
Here is one expense that will be variable, and will fluctuate week to week, month to month. It will depend on the cost of fuel at that time; throughout the year, it can go through spikes and drops which can be quite unpredictable. Also, it depends on how much driving you are doing. Over time you will probably start to get a sense of the typical weekly allowance you’ll need to set aside for petrol.
Motor Vehicle Insurance
Then there is your motor vehicle insurance, which you will need in order to drive in the UK. The very minimum type you need will be third party insurance. This will provide you with coverage should you be in a car accident that results in injury or damage to another vehicle, person, property, or animal. Keep in mind that this won’t cover the damage to your own vehicle.
This is another variable that will depend on where you live and work, and where you find yourself parking. You may be fortunate enough that paid parking isn’t something you will encounter on a regular basis, and if that’s the case, you really don’t have to factor in this cost. But if you do find yourself needing to park in London, for example, be prepared, as it is considered the second most expensive city for parking, with only New York City topping it.
Repairs and Regular Maintenance
No matter how old or new your vehicle is, repairs and regular maintenance will be something you need to factor in. This includes things like regular oil changes, replacing the brakes, replacing tyres, and other such repairs and maintenance.
Sometimes these repairs can be pretty pricey and rather unexpected, which can make it hard to work into your budget. If you find yourself tight on cash and need to pay a repair bill, short term loans from BingoLoans can make sense. This style of loan is meant to be paid back in a relatively short time period, just bridging the gap while you’re able to come up with the cash.
Being Prepared for the True Cost
Being aware of each of these additional expenses will allow you to budget for the true cost of ownership.