If you’re looking into getting a new car, there’s a lot of factors you really need to consider before choosing the right one. Cost is obviously going to be one of the biggest deciding factors of the type of car you can purchase. However, it’s not just the cost of buying the car you need to worry about.
When thinking of the cost, you also need to take into account how much it’s going to be to keep the car running. Here, we’ll look at the real cost of owning a car that you need to consider.
The cost of ownership
While the cost of purchasing a car isn’t the only factor to consider, it’s certainly one that can’t be ignored. These days, you have a lot of options when it comes to affording a new car. From finance deals to leasing, there are many ways to afford the car you’ve got your eye on. However, one of the best and cheapest options is to budget for a second-hand car from a company like Fords of Winsford.
The second-hand car market is booming right now and after wholesale prices dropped in December, the savings are being passed on to customers. So, it’s a great time to invest in a used model.
Legal requirements
Once you’ve got your ideal car, there’s a few costs you can’t escape. These are the legal requirements such as car insurance, tax, and MOT costs.
The cost of insurance can vary significantly so it’s important to compare your options. There are also different levels of cover, so you’ll also need to make sure you’re choosing the right level to fit your needs.
Car tax is another necessity, although the cost will again vary dramatically depending upon your vehicle. The more environmentally friendly the car is, the lower the tax will be. You can even purchase vehicles today which are tax free due to how eco-friendly they are. So, shop around to find an eco-friendly car if you’re looking to save on car tax.
If your car is going to be over 3 years old, you’ll also need to start carrying out an annual MOT. This ensures it’s roadworthy and costs will vary, but they’re an average of £54.85 per car.
The cost of running the vehicle
Finally, you’re going to need to factor in the costs of running the car. This includes the cost of fuel and any repairs which may be needed to keep the car on the road. It’s easy to forget to factor in the cost of running a vehicle before you buy it. However, you need to know that you’ll be able to afford to use the car once you have bought it.
The above are the main costs to consider when buying a new car. It’s crucial to work out the entire costs to ensure you’ll easily be able to afford them.
