The True Cost Of Motoring
02 June
Everybody knows that buying and running a car is expensive – especially of fleet of cars, but have you ever really weighed up all of the costs?
Many people pay a significant amount of their monthly budget for a vehicle or vehicles but where exactly is all your money going?
Vehicle Purchase
This is actually not the biggest cost in the long-term, though it may feel rather significant as you browse through various vehicles, gazing reluctantly at the price tags attached to them. It is a choice how much you spend at this point, and you could pick up a car for as little as a couple of hundred pounds, or as much as tens of thousands. Second hand cars are cheaper, and you might be able to pick up a bargain, but you should keep in mind that if you try to cut corners now you may cost yourself much more money in the long run; with more maintenance and repairs, higher fuel costs, and a need to replace the vehicle sooner.
- It is important to take your time and carefully consider all of the factors of your purchase. Is it better to pay more now and save later? How much is it to insure your potential vehicle(s), and is it better to get smaller more fuel efficient cars? If you are going to buy second hand, then make sure everything is in full working order, and check the history of the vehicle.
Road Tax, Insurance, MOT
Unfortunately, these unavoidable costs add a fair chunk onto the cost of motoring. You have to make sure you pay your road tax, and that your vehicle is adequately insured in case of accidents and so on. Every year you need to have your vehicle serviced by a specialist, who will decide whether it can pass its MOT test. If not, any problems will need to be addressed.
- Road tax and MOT tests are just a fact of life. So is insurance, but you should do some serious shopping around to get the best deal. Comparison websites can help. You could also consider third party insurance if it is an option for you.