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All the Costs to Consider When Saving for a Car

Cars are a unique purchase because unlike electronics or other goods, they come with hidden costs. The advertised price of a new car is far different than the overall cost of ownership. Whether you buy a new car from a dealership or a used car from an auction clearing house, you’ll need to consider extra costs like car insurance and finding an honest repair shop. Get an idea of the hidden costs to keep in mind as you begin to save for your new car purchase.

1. Cost of the car itself

The most important cost to consider when buying a new car is the cost of the car itself and whether you can afford it. Whether you plan to get a car loan from a lender or pay the actual cash value out-of-pocket factors into the cost of the car. Car prices vary based on the make, model, and year, and often times auto dealers are willing to negotiate.

Online car auctions are a great way to get exclusive access to the same auctions where dealers purchase inventory for the same price. Auto Auction Mall gives the general public the chance to participate in dealer-only car auctions through their online marketplace. The auction specialist gives access to over 100,000 used cars at wholesale prices up for bids. Why pay too much for your new car when you can save with Auto Auction Mall?

2. Registration

Driving around in an unregistered car is a no-no. You will need to pay to renew your car’s registration annually; the cost of registration depends on the car’s value and your postcode. When you buy a used car it should already be registered. Be sure to find out how many months remain on the current registration so you can plan for the payment.

3. Insurance

It’s a good idea to research insurance companies and take out comprehensive auto insurance to protect you in case of a car accident. Compulsory Third Party insurance covers personal injuries to you or others if you are involved in a car accident. Optional coverage, like comprehensive coverage, covers damages to your car under collision coverage.

iSelect.com.au is your source for finding comprehensive car insurance from a range of auto insurers. The type of coverage you select depends on your needs from insurance products. From varied deductibles and full coverage plans to collision insurance that covers costly repairs and vehicle damage, compare policies including comprehensive insurance and third party at iSelect.

4. Servicing

Even with routine maintenance and care, your car will need servicing with normal use. Your anti-lock brake system works hard which makes it a good idea to seek brake services to keep your ABS system performing at its best. The friendly team of experienced auto mechanics at Sinspeed automotive parts remanufacturers provide abs repairs and abs unlimited auto repair with a fast turn-around and Lifetime warranty. The average cost of an original part for your BMW or SUV’s brake system, brake pedal, sensors, abs fuse, or wheel speed sensor could set you back a lot of money. Save on the repair cost for your car’s antilock brake system with Sinspeed.

5. Maintenance

Your new car will only run like a well-oiled machine if you keep up with regular maintenance. Keep you car in good shape with annual servicing like oil changes, tune-ups, brake system checks, sensors, and other elements. Maintaining your car properly will save you on costly repairs down the road.

6. Running costs

Advertisers create catchy offers for promotional purposes to attract the attention of potential car buyers. You may think the advertised purchase price is all you have to pay, but things like dealer fees, sales tax, and extra features need to be considered. When shopping for a new car, remember to consider all the running costs that come with it: registration, insurance policy, fuel costs, maintenance, and servicing.

Get a clear picture of all the hidden costs that come with the freedom of owning a car so that you can make the best purchase decision for your needs.

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