Cost Factors to Consider when Buying your First Car
Buying a new car is so essential in anyone’s life. A car gives you a sense of independence and freedom. Your car will become an integral asset and large part of your life. Being a motorist, however, comes with a cost. There are associated costs depending on where you will be running the car.
There are places where owning a car is more expensive than others, which you can read about in detail from Kwik Fit. The question of how much a car is not the only relevant question in the purchase of your new vehicle. Below is a list of some cost considerations when buying your first car.
1. The insurance cost
Insurance has always been a legal necessity. It is the most expensive cost to bear in mind when you are buying a new car. It has a lot of significance in a great way. It is, however, essential to be wise in the insurance cost-effectiveness. Choosing a lower insurance band gives you a lower cost in the insurance premium payments. Look out into the insurance policies designed for specific schemes monitoring the miles you drive. Such makes the cost of insurance relatively cheaper. The cost, however, might vary between cities.
2. MOT and car taxes
An up-to-date MOT is one of the most important things to ensure in place when buying your first vehicle. It’s also essential to ensure it’s taxed in the right way. An MOT is a mandatory test. It’s done annually for all cars over three years old. A car must pass the MOT test to ensure that it’s safe, and it is in roadworthy condition.
MOT cost is different in different cities. London, for instance, charges the highest rates with averages of £63.44, with residents at Cardiff paying as low as £37.37.
3. Car maintenance
Maintenance comes with a cost. To maintain an old car in a year, it’s likely to cost you around £472. Here you have an inclusive of the MOT test and any servicing to the old car. When buying a new car, you need to check out the warranty. Many dealerships deal with a three-month warrant in a standard form. Before making the purpose, it’s therefore vital to read the warranty book.
Fueling is another cost you have to think about regardless of whether you consume diesel or petrol. Your car fuel efficiency is quite a consideration when it comes to fueling your car. The engine size, size of the tank, and the miles per gallon determine the fuel consumption of your car. The cost of fuel is different in different cities. Edinburgh is the most expensive city for fuel at £997.78 above the average UK rate of £884.88.
5. Parking charges
Parking charges vary. Cities like in London, Glasgow, Plymouth, are places where motorists can be easily fined for flouting the parking rules. Some private companies tend to increase their parking fees annually, thus increasing the cost of running a car there.
In recent research by Kwikfit, Manchester turned out to be the most expensive town to run a car at an average cost of £2994.36, followed by London and Exeter was the cheapest city to run a car. Consider these costs carefully when buying a new car.