One of the first experiences that every new driver has, once the exhilaration of earning the license runs out, is shock at just how much they can cost. Indeed, just after the home, a car is likely to be the second most expensive asset you’ll ever own, and it brings the running costs to prove it. However, if you’re a little savvier about your purchase, you can also make it much more manageable.
The importance of knowing your costs
When you’re buying a car, you’re not just buying it at the price the salesperson quoted at you. You also need to consider how you’re paying for it, and how any credit is going to add to that cost on a monthly basis. Besides that, the running costs are what trip a lot of new drivers up. Thankfully, the Money Advice Service has a car costs calculator so you can do a little research based on the car and how you’re likely to use it and factors your potential costs that way.
Don’t forget your insurance
The most expensive running cost of all is insurance. Young and newly licensed drivers, especially, get the shorter end of the stick. They’re statistically more likely to be involved in accidents, which raises rates considerably. Getting in on a parent’s insurance can help, but if you have to go it alone, then make sure you get a deal that favours you. Black box insurance deals from brands like Admiral can help you influence your insurance prices, if you can demonstrate that you drive safely enough, for instance.
The many different ways to own a car
A new driver probably shouldn’t be thinking about buying a brand-new car, as exciting and shiny as that might seem. Instead, there are plenty of places to get good used deals, such as Trade Cars & Commercials. Furthermore, you might want to consider whether ownership is going to be the right option for your budget. In some cases, you may be able to find a better deal in the short-term by leasing and waiting until you can afford the full expenses of ownership.
Beware the repair man
Another of the costs that commonly trips up new drivers is the money that it takes to keep it running smoothly for as long as possible. New drivers don’t learn as much about vehicle maintenance as they should, so pay attention to your logbook and learn a little DIY to stop yourself from having to spend at the garage more often. What’s more, take into account the reliability of your vehicle when choosing one. Makers like Hyundai and Toyota are known for reliable cars that have less issues than others, which can really help you save in the long run.
Hopefully, the tips above spell out that it’s not all doom and gloom for new drivers. There are plenty more little ways to cut the costs if you want to do your research, but these factors can take a mighty chunk out of how much you might otherwise pay.