When considering a new or used car, it’s essential to look beyond the initial purchase price. Regular car maintenance and servicing are ongoing expenses that can significantly impact your overall car costs. When choosing a new car and deciding whether to buy a new or used vehicle, we should consider the manufacturer warranty, which covers new cars for a set period or a certain amount of mileage.
In this article, we’ll explore the various factors to consider when evaluating a car’s essential costs and maintenance requirements. There are a number of additional costs to consider after the initial purchase price:
Road Tax
Road tax, also known as Vehicle Excise Duty (VED), is a tax levied on all road vehicles in the UK. Your car tax cost depends on the amount of CO2 emissions your car produces. Newer, more fuel-efficient cars typically have lower road tax rates. Here’s a simplified overview:
- CO2 Emissions: The CO2 emissions of your vehicle, as measured in grams per kilometre (g/km), determine the tax band it falls into.
- Tax Bands: The government sets out various tax bands with corresponding annual fees.
- Zero-Emission Vehicles: Electric and hybrid vehicles with zero or very low emissions enjoy significant tax benefits or are exempt altogether.
Car Insurance
Car insurance prices vary based on several factors, including your age, driving experience, location, and the type of vehicle you own. Higher-performance or luxury cars often have higher insurance costs. If you have a history of accidents, insurance claims or offences, this will also increase your insurance premiums.
Breakdown Cover
Breakdown cover provides roadside assistance in case of mechanical failure. While not mandatory, it’s highly recommended, especially if you frequently drive long distances or live in remote areas. It gives you peace of mind in case anything goes drastically wrong while you are far from home.
Yearly Service and Check-Up
Regular car servicing is crucial for maintaining its performance and safety. It involves checking and replacing essential components like engine oil, filters, and brake pads. The frequency of servicing depends on the manufacturer’s recommendations and your driving habits.
If you regularly drive longer distances, such as long commutes, then you should increase the frequency to be sure there are no major issues developing.
MOT Test
The MOT test is a mandatory annual inspection for vehicles over three years old. It checks the vehicle’s roadworthiness, including brakes, lights, steering, and exhaust emissions, and adds to your overall car costs. If your car fails the MOT, you’ll need to address the issues before it can be driven legally.
Every vehicle will be marked with one of the following:
- Pass with no defects
- Pass with advisories (This means there are a few non-major issues you should be aware of)
- Pass with minor defects (This is slightly more serious, with some minor defects that should be addressed)
- Fail with major or dangerous defects
Additional Costs
Beyond the regular car costs mentioned above, there are other potential costs to consider, which include:
- Tyres: Tyre replacements can be expensive, especially for high-performance or luxury vehicles.
- Repairs and Replacements: Unexpected repairs, such as engine or transmission problems, can be costly.
- Fuel Costs: The fuel efficiency of your car will determine how much you spend on fuel.
- Parking and Tolls: Depending on your lifestyle and location, parking fees and tolls can add up over time.
Find a Car with Low Maintenance Costs
It can be daunting trying to find the perfect car on the used car market when there are so many options! When selecting a new or used car, it is vital to consider the following factors if you wish to minimise maintenance expenses:
Reliability
Research the vehicle’s reliability history to assess its potential for breakdowns and costly repairs.
Fuel Efficiency
A fuel-efficient car can save you money on fuel costs. Look for MPG statistics, the higher the MPG, the better the car will be at sipping its fuel!
Warranty
A comprehensive warranty can provide peace of mind and cover the cost of repairs for a specified period.
Maintenance History
If buying a used car, request a service history to verify that it has been well-maintained.
Checking all of these factors before proceeding with the purchase will give you peace of mind knowing you have a car that will serve you well, and will be relatively affordable when it comes to post-purchase costs.
Another good general rule to keep maintenance costs low is to follow the manufacturer’s recommended service intervals and use genuine parts to ensure optimal performance and longevity.
By carefully considering these factors, you can make an informed decision and select a car that not only meets your needs but also minimises your ongoing maintenance costs.
If you still have questions, why not try our complete guide to owning a car…
