A car is a great asset to have – it offers you independence and owning one can be a non-negotiable in some circumstances and even in certain jobs. However, they can also be expensive.
Many people forget the fine-print costs and extra expenses that come along with car ownership. Knowing each and every expense you’re signing yourself up for when purchasing a car is important so that you can budget effectively for it. Here are a few expenses you’ll need to think about.
Extending Your Warranty
While this isn’t a non-negotiable expense, it is certainly recommended. Extending the warranty on your car is a great idea to ensure that you’ll be covered for replacement parts and certain services. You can usually choose by now many years you’d like to extend your warranty on a new car.
Be sure to shop around for the best policies and the best deals. Check out Carshield reviews, for example, and speak to people in the industry for advice.
Car Insurance
This, on the other hand, is a non-negotiable. Driving an uninsured car is an accident waiting to happen, no pun intended. Making sure that you have good insurance cover will let you rest at ease knowing that you’ll be financially taken care of in the case of an accident or theft.
Once again, shopping around for the best insurance policies is an important part of the process. Getting in touch with an insurance broker might be a helpful tip if you’re not sure where to start.
Routine Maintenance
Whilst having good insurance cover or an extended warranty on your car can be a great help in emergency repair cases, this usually doesn’t cover for routine maintenance.
Your car should be serviced around once a year, or, depending on what vehicle you have, once you reach certain milestones on your mileage. Find out from your closest dealership how often this needs to happen, and try to save up for your services so that they’re not a big financial blow when they come up.
Tyres and Battery
Unfortunately, tyres and batteries are some more examples of those expenses that don’t fall under the insurance category. Tyres and car batteries wear out over time, and this is the typical wear and tear category that isn’t covered by most insurance companies.
However, it’s important for your safety on the road and the longevity of your vehicle that you replace these as soon as necessary. This is another expense that you can plan, budget and save for every couple of years. Once again, try to chat to professionals to find out exactly how often they will need to be replaced.
Fuel
Naturally, if you want your car to get you where you need to go, you’re going to need to keep it topped up with fuel. Petrol and diesel can be expensive, but they’re a necessary evil. Try to assess how many miles you drive in a month and set yourself a fuel budget so that you know how much you’re spending on a regular basis.
