Beyond fuel, insurance, and registration fees, there are several other financial obligations to consider when purchasing and keeping a car on the road. From unexpected repairs to parking charges, here are some of the most common hidden costs involved with owning a car that you should keep in mind before signing on the dotted line.
Repairs
Unexpected repairs such as a blown head gasket, worn brakes and tyres, or other mechanical issues can quickly add up to hundreds of dollars. Make sure you factor in any potential repair costs when determining how much car you can afford.
Maintenance
Regular maintenance like oil changes, tune-ups, and tyre rotations are essential for keeping your vehicle running smoothly and efficiently. These costs depend on the make and model of your car and the type of service being performed. It’s important to keep these costs in mind so you can budget properly for them each month or year.
Parking Fees
Depending on where you live or work, parking fees can add up quickly. Whether it’s a parking metre, garage, or lot – these costs can quickly stack up if you are not careful. Make sure to plan ahead and budget for any potential parking charges that may arise.
Roadside Assistance
Many insurance companies provide roadside assistance services for their policyholders in case of emergency such as a flat tyre or a dead battery. Depending on your coverage level this service can be free or cost up to £100 per incident, so it’s important to understand what type of roadside assistance is included with your policy or if you need to purchase additional coverage in order to be protected.
Tolls
If you live in an area where toll roads exist, this can add up quickly. Be sure to factor in the cost of any tolls you may have to pay in order to reach your destination and budget accordingly.
Tax & Fees
Depending on where you live, cars can be subject to additional taxes and fees that must be paid annually or semi-annually. Make sure you understand what taxes and fees are associated with owning a car in your area so there are no surprises when the bill arrives.
Owning a car is a big commitment and comes along with many unexpected costs outside of just fuel and insurance. Be sure to factor these additional costs into your budget so you don’t end up overspending and regretting your purchase down the line. With proper planning and budgeting, you can make sure to keep your car running smoothly without breaking the bank.
