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Save Money · June 6, 2023

The Ongoing Cost of Vehicle Ownership

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Last updated: June 6, 2023

Owning a car is expensive. It doesn’t matter the type of car you purchase, be it brand new or second-hand; you will still require ongoing investment to help you keep our new motor on the road and in drivable condition. The average driver can expect to spend just under $5,000 per year on upkeep for their car for various things, including hindrances, license, maintenance, and fuel.

Cars can break down or require upkeep to keep them roadworthy, and this requires investments and a little bit of knowledge of how your car works to help you avoid anything significant going wrong or driving a car that needs TLC and is liable to break down on you.

This post looks at some of the expenses you can expect to incur when owning a car.

Car Parts and Repairs

Cars are subject to wear and tear over time. How you drive, how often you drive, and coming into contact with other cars or road users in parking lots, for example, can all take its toll on your vehicle. Your car will also need regular servicing to hope it stays road worthy and ensures it is safe to drive at all times, from sourcing your own holden parts for your Holden vehicle to knowing how to top up oil and water and change the wipers and bulbs to knowing when you need more major repairs such as brake replacements, new exhausts, restores, or even bodywork repairs.

Insurance

Motor insurance is a legal requirement in all states except for New Hampshire and Virginia; however, in New Hampshire, you must be able to prove you can afford to cover costs in the event of an accident. The cost of car insurance can be influenced by many factors, including crime rates, your credit score, your history of claims, the insurance company, and, indeed, the car itself. At a minimum, you need insurance to cover third-party liability in the event of an accident where it isn’t your fault.

Fuel

Despite the rise of electric vehicles, you still need to pay to power your motor. Be it via fuel or using electricity to charge an electric battery. Again, this cost will be ongoing and depends on how frequently you use your car and the distances you drive. Charging an electric car can cost from $6 depending on the cost of electricity per unit for a 200-mile range 54 kWh battery. The national average for a gallon of gas is currently $3.56.

Breakdown Services

What would you do if you were to break down or suffer an emergency when driving? Recovery services like AAA or Nationwide can offer a range of additional services and benefits for members, including roadside recovery, towing services, and even minor mechanical repairs. Tow trucks can run upwards of $125 for 5 miles. While auto recovery services can be as little as $50 for a year of cover.

Conclusion

Owning a car can offer you the freedom to get around and remove limitations that using public transport can put on you. It can be an excellent way to help you get around independently. But it can be a costly endeavor, and buying a car is only part of the expense of owning a vehicle.

 

 

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