Ready to Change Your Car? Here’s How to Add Up the Costs
In case you decided it is time for new wheels, and would like to make sure that you are changing for the better, you might have compared various models and designs before. There is one thing you probably didn’t check, though; the cost of buying the car and maintaining its condition, or keeping it on the road. Most of us only look at the price, but there are some hidden costs that can have surprises for you. Find out more below.
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Of course, you will have to compare the different deals and offers, and ensure that they are giving you the best value for your money. It is hard to compare the deals like-for-like, as every dealership has some kind of special offer that will be appealing to different buyers. Some will offer interest-free credit, others will throw in extras, but – most of the time – this is included in the final price, and is just a marketing trick.
You might think that the car will only cost you $7,000, but after you have paid the fees for the broker, the interest for 3-5 years, you might end up paying much more. That is why you will have to learn how to compare the different car finance deals before you sign the dotted line. After all, you don’t want to buy the vehicle for more than it is worth, and that is what you do if you are taking on expensive credit.
If there is one hidden expense, it is the negative equity of your car. Once you drive a new car out of the salon, you have instantly lost hundreds. Before you choose your make and model, it is important that you check what is the depreciation rate of the car, so you can find out how much you can get for it when you finally decide to change it.
Insurance and Tax
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If you are buying a used car, you will have to check the insurance and tax rate before you make your final decision. You will have to pay out of your pocket to keep your vehicle on the road. Older and less energy efficient models will cost more to tax, but their insurance cost might be lower, due to their value. Make sure that you opt for safety features, as this can reduce your insurance premium.
To get the best value out of your car, when you drive it, and when you sell it on, you will have to keep it maintained. There are several comparison blogs that will tell you which makes and models are the cheapest to service. If you are looking for a reliable German car, you can check out the prices on Mercedes Benz mechanic services before you commit to buy.
Changing your car is a financial decision that shouldn’t be taken lightly. Add up all the above costs to ensure you are getting the best value for your money.
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