As well as the running costs of your car you should also think about how it's value will decrease over time. Some cars hold their value better than others. New cars lose most of their value the moment they first go on the road.
You can find out more information at Whatcar?
Alternatives to buying
Having looked at all the costs you might want to think about the alternatives to owning a car.
How about leasing or a personal contract plan? You can find the pros and cons of these options in Car loans and finance and some detailed information about leasing on the Which? website.
Reducing your running costs
You can save a lot on the cost of owning your car by checking out our top tips:
- Shop around for insurance using comparison websites
- Look at specialist policies for young drivers
- Consider adding a second driver with a lower insurance risk on to your policy. But don't be tempted to put them as the main driver - that is illegal
- Protect your No Claims Bonus - for an additional premium you can ensure your No Claims Bonus is not affected if you have an accident
- Buy a car with a higher fuel consumption
- Don't buy premium fuel for standard cars
- Look at PetrolPrices.com to find the cheapest fuel in your area
- Save 1/3 on fuel by changing your driving and looking after your car
- accelerate gradually without over-revving
- drive in the correct gear
- let your car slow gradually rather than braking too hard and too often
- keep your tyres inflated to the correct pressure
- turn off the air conditioning at lower speeds
- Use a Council run MOT centre - they usually don't do repairs and so don't gain by failing you
- Do a pre-MOT check to find common faults
- Shop around for new tyres, but don't be tempted to drive on unsafe old ones
- Haggle down the cost of renewing your breakdown cover
Before you get mobile, do your sums and make sure you're MoneyFit when it comes to motoring.