If you’re looking for a new vehicle, this article could be for you. The cost of a car can be a lot — especially if you’re paying up front. We’re going to look at a few tips designed to reduce your vehicle cost so that you can get on the road as quickly as possible.
Consider your insurance costs carefully
One big mistake many people make when thinking about the cost of a vehicle is that they ignore additional costs — especially insurance. Not only will a more expensive car normally cost more to insure, but there are also a number of other factors that might make covering your car more expensive than you think.
Firstly, comprehensive insurance will cost you more than if you just want limited coverage — you probably knew this already. However, there are some other things that affect insurance cost that you might not have been aware of, like where the vehicle is going to be secured overnight, as well as how many miles you intend to do in it each year. If you live in an area that has a lot of crime, this could also make it more expensive. Obviously, your driving history is another major factor. All of these things need to be considered before you buy your car.
Think about a smaller model
You might think big is better, but it’s also normally more expensive. Not only will a bigger car normally cost more to buy, it’ll also be more expensive to run — whether you’re looking at fuel cost, insurance or repair.
New cars depreciate more than older ones that have already depreciated. That means if you’re not that concerned about the age of the car but really need one for work, you should consider a cheaper, older car. However, don’t forget that an older car could cost more in maintenance and repair, so make sure you shop around and find a reliable model.
Consider leasing a car
If you don’t have the money to pay for a vehicle up front, leasing could be a great option for you. The best thing about leasing is that if you can fit the monthly cost into your finances, you can afford it without having lots of savings. Some leases do require a small deposit, but this is normally manageable.
While you won’t own the car at the end — you’ll normally be able to get a brand new factory model to drive for a while — you don’t have to worry about depreciation or selling it. You can even get a new one when the lease ends. Other things like services and breakdown coverage can also be included in the lease so you don’t get hit by unexpected costs.
If you need some help finding the best lease deal in your area, LeaseFetcher could be for you.