Costs of Owning a Car

Being able to drive, and having a car of your own, can present a number of substantial advantages. For one thing, it’ll be a boon to your professional life, allowing you to commute to far-flung opportunities, without having to rely on a transport infrastructure. For another, you’ll have the freedom of deciding where you travel, and when. What’s more, on top of all of the practical upsides, there’s the fact that driving can be fun!

On the other hand, motoring comes with a few costs to contend with, too. And many of these costs are particularly weighty for younger drivers, who might struggle to get themselves insured.

Let’s run through all of the ongoing costs associated with driving, and what might be done to limit them.

Insurance

If you’re going to be driving on public roads, you’ll need to be insured. The premium you pay will depend on the type of cover you’re buying, how long you’ve been driving, and a host of other factors. You might install a black box onto your vehicle to lower the costs.

MOT

After the first three years that your car is on the road, it will need to undergo an annual MOT from a qualified mechanic. Shop around and find someone who’ll offer you a good deal!

Parking

If you’re commuting to a built-up city centre, then the chances are strong that you’ll need to pay for parking. This being the case, look to pay for it in bulk. This makes particular sense if you know that you’re going to be parking at the same place often.

Tax

You’ll need to pay road tax – most of the time. The amount you pay will depend on the amount of emissions you’re generating. Older, heavier vehicles tend to emit more. Newer electric ones will tend to emit nothing at the point of use – which means that they’re tax-exempt. 

Maintenance

Over the course of your vehicle’s lifespan, it will suffer wear and tear. In most cases, it pays to be proactive when it comes to maintenance. Get new tyres fitted as early as you can. Premium products offer a premium experience on the road and Pirelli tyres are a worthy investment in the long run. 

Fuel

The cost of fuel can be significant, especially if you’re putting in hundreds of miles every week. Shop around for the best deals, avoiding motorway filling stations. It’s worth adopting the efficient driving habits that will help to cut your costs. Finally, you might actually spend a little extra on a more efficient vehicle – especially if you know that the investment will pay for itself in the long term.