For most people, having a car is a necessity. The price you pay at a dealership is a big part of what it costs to own a car but it’s not the only cost. There are many costs that come with owning a car and here are just a few:
Gas – With gas prices hitting a record high, you can estimate spending approximately $200 per/mo depending on where you live, how much you drive and whether you have a larger and less efficient model. When considering purchasing a vehicle, to see which car better suits your budget you can go to fueleconomy.gov to look up the estimated fuel costs of certain cars.
Maintenance – Cars are expensive to maintain. Between seasoned tires, oil changes, yearly inspections, new headlights, emissions, dings and scratches and even parking, you’re looking at a big chunk of change being spent at the end of a year.
Depreciation – This is the number one hidden cost of owning a car. Depreciation is the decline in a car’s value. The minute you drive your vehicle off the dealer lot, your car loses some of its value. This is a hidden cost because you only notice this loss when you’re ready to sell or trade in your car and it’s not nearly worth as much as you thought it was. Before purchasing a car, do some research as some cars don’t depreciate as fast as others.
Insurance – The price for insurance will of course vary depending on your driving history, where you live, what kind of car you drive etc.. Outside your car payments, car insurance can be the biggest expense you’ll see each month.
However you think about it, owning a car is extremely expensive so consider the above before making a car purchase. Prudent Value Cars offers top quality, pre owned cars and trucks with low kilometers. Visit http://www.prudentvaluecars.com/inventory.html to view our inventory page.
No comments:
Post a Comment