Have you just bought your first car? The biggest mistake that you could make is not anticipating the true cost. These are just some of the hidden costs that you might not see coming.
1. Your wallet will suffer thanks to insurance
Everyone knows you need insurance when you buy a car but not everyone thinks about factoring this cost in when your all excited about your new wheels. You’ll be surprised at how forking out for your car insurance can really empty your pockets, especially if you’re a new driver! It’s probably best to get a few quotes from different providers before diving in at the deep end. How much will your insurance be though, this depends on a variety of factors such as:
- the car you have
- where you live
- expected yearly mileage
- how old you are
- your driving record
2. Fuel half empty or empty full
This seems like an obvious one, but it’s got to be said. Your fuel is the key to getting your from A to B and without it, you’re not going to get very far. Depending on how big your tank is, will vary on much it’s going to cost you to fill up. It’s difficult to say exactly how much it will cost you on average each month, especially with your fuel prices up and down all the time too.
Obviously, some cars are more economical than others, like your hybrids and electrics, but in case you can’t afford one just yet, think about how your driving and other things like tyre pressure etc. all the little things that can affect how much your car guzzles.
3. Servicing like no other
Not many of us like the thought of having to service our car but it’s got to be done if you want to keep it in good nick. Servicing comes in different levels and varies by each car manufacturer but actually happens during your service? It’s nothing too fancy but things like your fluids, belts brakes and air-con are all checked and changed if needed. It’s not cheap and it is another expense added on to owning a car but it’s needed.
4. MOT, everyone’s favourite acronym
Your annual MOT test, something many of us dread. The test is generally quite cheap, but if your car fails, you could be in for a hell of a bill. As you’ll well know there are so many things that need to be checked during your MOT to make sure your car is safe to ride. If your car is over the age of three, you’ll definitely have to get this tested. Things like your tyres, suspension, exhaust, brakes and lights will all be put to the test, fingers crossed they survive being poked.
5. Tax of all taxes
When anyone mentions the word tax, it’s like our head is automatically turned. The DVLA will ask or this payment, how much I hear you ask? Well, that all depends on various different things. You can always check how much your car tax will be before your fork out for your new wheels so you know what’s in store.
If there’s one thing you take away from this, is that there’s no getting away from paying car tax if you want to drive. The amount you pay will depend on your emissions, the lower your emissions, the less road tax you’ll have to pay.
If you’re looking at cutting your costs and saving your pennies, selling your car and getting a cheaper one might be a good option. If the time comes to sell, just know that we’re always here to help. You can enter your reg number into our free online car valuation tool and receive an instant quote within seconds. What are you waiting for? Get your price today.