It’s not a secret that a car is a big ticket buy. With an easy 5 figure sum, it might put owning a car as a very far away option for you if you don’t know how to work out your car finances! The Smarter Finance Company helps customers to work out their sums and ensure they can safely and comfortably afford a car so we’d like to share with you just some of the components that can add up to the final costs that you need to consider.
Purchasing Costs – The first price that you’ll see when you are looking to purchase a car is its base price – the advertised price by the dealer or seller. That’s the cost of the standard make of the model that you want. After that, you’ve got to add on more for any extra features such as a spoiler, or extra safety options, increasing the size of your tyres or perhaps adding more technology into your vehicle. Don’t forget the seller or agents’ fees for playing a part in helping you settle all the administration and paperwork for purchasing the car too!
Running Costs – Once you’ve brought your car home, there are now a host of other costs to consider. Petrol, obviously, is a large bulk of this cost since you will need fuel to run your car! Depending on how far your commute is, all the petrol costs can add up to a hefty amount. This is in addition to parking charges if you need a parking lot and tolls if you pass through them, periodically changing your tyres so that you keep traction on the road, and also regular servicing and repair costs to keep your car running in tip-top shape.
Protection Costs – It’s important to make sure that you fulfil the legal requirements for insurance so that if something happens to you and/or other drivers and their cars, you’ll be able to make financial restitution through a car claim. The car you choose will affect the cost of your insurance, and of course the more comprehensive insurance you pick, or if you add on roadside assistance too, that’ll be additional costs.
Legal Costs – We’re not just talking about getting your car licenses but also about the taxes and fees that are due for registration and using public roads. Somebody has to pay for the maintenance of the roads and there may also be levies in force to restrict the total number of cars allowed on the road.
All these costs do add up, but while they can be daunting, there are still lots of car buyers every day who have worked out their finances and are confident about being able to afford not only the car itself, but all the costs that come with it! If you want this to be you, then you should get in touch with us! Let The Smarter Finance Company help you come up with the best car finance rates and schedules so that you don’t have to worry about your new or used car!