Buying a car is expensive. Keeping a car is just as pricey in many circumstances. Here is a quick guide to some of the hidden costs of car ownership and how you can keep them low.
Car Insurance
Car insurance is expensive – but it doesn’t have to be. Companies like Root Insurance take lots of variables into account when working out the price of insurance for customers. If you want to save money on getting your car insured, you need to keep the following things in mind:
Horsepower
If you are dead set on getting a high-powered car, you should expect to pay a premium for insurance. The more horsepower your car has, the more likely it is to be involved in a crash. The more likely you are to be in a crash, the more expensive your insurance will be.
Driving record
Keep a clean driving record. The more years you have without claiming on your insurance, the cheaper your quote will be in most circumstances. New drivers, unfortunately, have to pay high prices because they can’t prove their track record to potential insurers.
Location
Your location has a big impact on your final car insurance quote. This is because the safer the location of your car, the less likely you are to claim on your insurance. If you have any way of proving that your vehicle will be kept on private property, then you can reduce your costs significantly.
Fuel
Fuel prices are fluctuating wildly. They have done since the early 2000s, and they are due to for a long time to come. As usable fossil fuels run out, the price of gas is set to climb and climb. Get a low-powered car or an electric vehicle if you want to keep driving without the financial burden of increasing fuel prices weighing you down.
Maintenance
Engineers will charge you an arm and a leg for basic repairs – and for a good reason. Spare parts and trained staff cost money. There are ways to ensure that your maintenance costs are not unbearable. Conduct regular oil checks, change your spark plugs often, and drive carefully to avoid problems in the first place.
Parking
Parking in major American cities is incredibly expensive. According to statistics gathered by INRIX, Americans waste about 20 billion dollars annually on parking. 63 percent of Americans surveyed said that they had avoided driving somewhere because of high parking costs. This might not be such a bad idea. The best way of avoiding spending money on parking is to limit the amount of driving you do in big cities. Rural areas are generally free to park in. Urban areas are typically very expensive and also tend to be far easier to transverse using public transport. You’ll probably find it quicker to walk than drive in places like New York City. Getting a long-term parking permit is another way of limiting your expenditure on parking. If you are a regular commuter, then this might be the best option for you.
