You’ve passed your driving test – congratulations! If, like most new drivers, you are itching to get behind the wheel of your own car, then you’ve probably been searching the internet high and low for a make and model of vehicle for sale at a reasonable price that you can see yourself driving. However, don’t rush into it – buying the car itself is just one expense that comes with car ownership, so it’s important to make sure that you’re going to be able to comfortably afford all the ongoing costs that come with being a driver.
Here are some of the main things to consider.
#1. The Car Itself:
Depending on how you plan to purchase your car, this could be a one-off or an ongoing cost. If you’ve saved up enough money to buy a car outright, then provided you can find a suitable vehicle within that budget, the car will belong to you as soon as you hand over the money.
On the other hand, if you want to buy a car that you’re unable to purchase outright, you may want to think about finance options. You can do this via car finance, a personal loan, or leasing – but this will incur a monthly cost, so make sure that this is affordable before you go ahead.
#2. Car Insurance:
Don’t buy a car until you are certain that you are going to be able to afford the cost of insurance for that make and model.
Unfortunately, car insurance prices for new drivers in the UK are sky high, but the good news is that being savvy can help you get the price down as much as possible. If you want cheap car insurance UK, then it’s wise to look into modern, reliable models with smaller engines and more safety features.
It’s also worth looking checking the insurance group for each car you’re interested in, and you can sometimes reduce your insurance premium by adding a more experienced older driver such as a parent as a named driver.
When you’ve found a few cars you’re interested in buying the best thing to do is check out a comparison site like Quotezone.co.uk and use it to compare cheap UK car insurance quotes for those vehicles. All you’ll need is the registration number of the car and details for yourself and any named drivers.
#3. Car Tax:
Paying car tax is a legal requirement for most cars, but if you’re going with a newer, eco-friendly model, then this fee may be waived, so it’s definitely worth looking into. Car tax prices can range drastically depending on the make, model and carbon emissions of the car, so this is another cost worth getting a quote for before deciding what you’d like to buy. When it comes to paying car tax, you
can choose to pay monthly, every six months, or yearly depending on your budget and financial circumstances. You can find out more about car tax at the Gov.uk website.
#4. MOT and Maintenance:
Unless you’re buying a brand-new car, in which case you will have three years before you need to take it in for an MOT, this car ‘health check’ is a legal requirement that you’ll need to pay for yearly. The MOT test cost itself is quite inexpensive – usually less than £50 – but you’ll need to have some money set aside for anything that may need repairing. It is illegal to drive a vehicle that has failed its MOT and you’ll also need to make sure that the test is carried out before the due date, as you’ll be breaking the law if you drive it after the date has passed – even if you’re taking it to the test centre. Don’t forget to factor in the cost of yearly servicing, tyre maintenance, and unexpected repairs. And finally, think about the cost of fuel.
Buying the car is just one factor involved in the cost of car ownership, so make sure that you are prepared for this huge financial responsibility.