Buying your first car can be an exciting, nerve-racking, and budget-friendly experience. Whether for commuting to work, heading off on a road trip, or getting from A to B, you’ll need your first car for many different reasons.
But buying your first car isn’t always as simple as checking the price of the model you want and taking advantage of whatever finance (loan) offers are available. There are many other costs you might not have thought about, which can add up if you plan to get a car that suits your needs and budget.
Here are a few car costs you might forget when buying your first vehicle.
Also, Read: 6 Best Tips for First Time Auto Buyers
Fuel prices are rising, which means that a gas-guzzling SUV could quickly become a huge time and money drain. There are lots of different things you can do to help conserve fuel, including buying a 4×4 or hybrid car. However, if you need a full-size or mid-size vehicle, let’s face it, you’re going to be spending more on gas in the long run than on your monthly payments.
Even with good insurance, it’s still a good idea to carry comprehensive coverage. This type of insurance covers your car regardless of its value and will often take the place of collision cover.
Comprehensive coverage is a great way to save money on your insurance premium since it won’t cover the cost of repairing or replacing damaged parts outside of the vehicle, such as when you get into an accident. You can check out Carchex plans to know the available insurance plans.
If your car breaks down, you’ll need something immediately, so you can’t afford to delay a road trip. If your car isn’t in the same state as where it is parked and there are no local garages, roadside service is a must to ensure everything gets taken care of before you leave the next morning. Roadside service can be expensive, and things can get very expensive.
It’s true that some new cars come with an extended warranty, and you might be able to benefit from this extended coverage. However, you should also be aware of all the things that might need to be done on your car. Look into what maintenance is involved in the car you are looking at, and if it’s something you can handle immediately or if it will require more time.
You should also consider whether or not your new car will have a service plan so that you can have your car serviced by a dealer or a local mechanic.
Depreciation is the normal wear and tear of your car through time. As your car ages, it can cost more to maintain, repair, and continue to drive. The maintenance of older model cars can be the most expensive part of driving an older car model. You must understand how your car will depreciate as you also find the best car insurance policies.
Buying your first car can be daunting, especially if you aren’t sure where to start. While there are plenty of online guides and car dealerships that offer free advice and no-pressure sales, most people have limited knowledge of what they should be paying attention to when buying a car.
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