Are you thinking about purchasing your first car? Have you been fixated with the convenience factor that owning a car can offer? You can pack up and go whenever you like, you’re not being held to the set schedule of public transport, and there is the fact that it’s your own private transportation that you’re not sharing with others.
These are all great reasons to get a car, and are usually the benefits that sway people into making the purchase. But before you rush ahead, it’s often wise to factor in everything related to car ownership, which includes the total cost of owning and maintaining a vehicle.
Here we’ll take a look at the costs related to owning a car in Liverpool, making sure there aren’t any surprises, and we’ll even uncover some ways in which you can save a little money.
The Purchase Price of the Car
The first expense to factor in is the most obvious, and that’s the purchase price. It’s important you don’t feel trapped to spend more than you’re comfortable with because, when it comes to cars, you can find a wide array of prices. If you’re looking for a budget model, you’ll want to look at a small sized or city car, and you may also want to look at used cars rather than something brand new from the dealership lot.
If you are shopping for your car at a dealership, don’t be afraid to haggle when it comes to price. You want to be sure you know what the model’s list price is, and then look for ways to haggle. Some factors that can affect the price of the car include the mileage, the specifications and features, what other dealers are offering as incentives, and any issues with the car.
Car Insurance Will Be Another Expense
Car insurance will also have to be factored into the cost of owning a car. This is an expense that can vary quite a bit depending on the insurance provider, the model and make of the car, the year of the car, how much driving experience you have, your age, where you’ll be driving, and how you will be using your vehicle.
Rather than having to take the time to call all the big insurance providers, you can compare car insurance using a reputable comparison site. The way it works is that you fill in a questionnaire once, and then you are given a list of quotes that make it possible for you to compare car insurance. You can check out what is included in the policy and then make an informed decision that ultimately saves you money.
Car insurance isn’t an optional thing here in the UK, as it is required in order to drive your car on any of the roads. At the very least, you are required to have third-party insurance and, from there, you can build on the coverage and get something more complete and comprehensive.
Petrol Costs Can Add Up Fast
Of course, it’s impossible to operate your vehicle without fuel, which is why you also need to factor in petrol or diesel. On average, you can expect to spend around £961 per year on petrol or diesel. However, depending on your driving habits and your work commute, this could be more or less money.
Routine Maintenance, Service, and Repairs – Keeping the Car in Great Shape
Routine maintenance isn’t something you want to skip over, as this is what will extend the life of your car, ensure it’s safe to operate, and that it’s running efficiently. Some of the routine maintenance steps can be done by you, whereas others you will need a mechanic for. Routine maintenance should include:
- Checking your tyre pressure
- Making sure the battery is in good working condition, and replacing it when necessary
- Checking the brakes to make sure all is well, and servicing them when needed
- Regular oil changes
Then there are the repairs that your car will need. The hope is that these are few and far between, but when issues do arise, it’s important to get them repaired as soon as possible. Ignoring early warning signs could mean you end up with a more expensive repair bill.
What About Parking Fees?
Parking fees may or may not be a factor for you. If you do need to pay for parking, you’ll want to add this into the cost of ownership. It can seem insignificant at first but once you start looking at weekly, monthly, and even yearly parking fees, the total may come as a shock to you. Again, this won’t be the case for all drivers. It depends on your access to free or affordable parking.
Factoring all these expenses into the equation means you’ll be able to determine the true cost of car ownership.