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Car - Personal Use

What Other Costs To Consider When Purchasing A Vehicle

Purchasing a car involves more than the initial price on the sticker. A comprehensive understanding of the additional costs associated with car ownership is crucial for a transparent and well-informed decision. Evaluating your budget and considering these factors will guide you toward a car that aligns with both your preferences and financial reality

Let's navigate through these options to help you make an informed decision.

Insurance

What It Is: Car insurance protects you financially in case of accidents, theft, or damage. If you have a secured loan on your car, comprehensive insurance is a mandatory condition of your loan approval. Impact: Insurance premiums vary based on factors like your age, driving history, car model, and coverage options.

Registration

What It Is: To drive your vehicle on public roads, it must be registered. Impact: This is an annual ongoing expense

Maintenance and Repairs

What It Is: Regular maintenance (oil changes, tyre rotations, brakes) and unexpected repairs. Impact: Proper maintenance can prolong your car’s lifespan and reduce the risk of major repairs.

Financing 

What It Is: If you’re financing your car through a loan, you’ll pay interest on the borrowed amount. Impact: The interest rate, loan term, and your credit score all influence the total cost of financing.

Fuel costs

What It Is: The cost of fuel required to power your vehicle. Impact: Fuel efficiency matters—vehicles with higher fuel efficiency save on long-term fuel expenses.

Depreciation of value

What It Is: Over time, your car’s resale value will decrease in most instances Impact: The rate of depreciation varies based on factors like make, model, and kilometres.

Tyres and Wheels

What It Is: Replacement and maintenance of tyres and wheels. Impact: Quality tyres contribute to safety and performance but can be a recurring expense.

Parking and Tolls

What It Is: Costs associated with parking, tolls, and potential permits. Impact: Urban areas might have higher parking fees, impacting your overall budget.

Upgrades and Accessories

What It Is: Costs of adding optional features, accessories, or personalisation. Impact: Customisations can enhance your driving experience but add to the overall cost.

Extended Warranties

What It Is: Additional warranty coverage beyond the manufacturer’s warranty. Impact: Extended warranties offer extra protection but come at an added cost.

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