How Expensive is it Really to Own a Car?

Owning a car is a wonderful asset to most peoples lives – it affords you a freedom you simply can’t get with public transport. You can load up your car and drive in any direction you want, escaping for a fun weekend away, or commuting to work each day in style and comfort. Owning a car can come with quite a few costs many of us don’t think of when getting a car: such as permits and how much our insurance policy will cost. If you want to learn more about the average costs of owning a car in the UK, read on to learn more:

Think About Location
Where you’re based is going to make a huge difference in terms of how much owning a car costs you. Think about the most expensive city in the UK – where do you think it would be? If you said London, you would be wrong! According to a study done by Kwik Fit, Birmingham comes out on top as the most expensive city in the UK to own a car, while the cheapest is Exeter. The difference in expenses is quite considerable, for example the cost in Birmingham comes out to £3,326.87 while in Exeter it’s £1675.75, basically half the cost. Why is it so much more expensive in Birmingham? Well the insurance costs are basically double, while the resident permit is many times more expensive in Birmingham. So where you have the car matters significantly to cost.

Consider Your Lifestyle
If you’re planning to do many long trips, either as holidays or to visit friends and family, then that’s going to spike up the annual cost of owning a car. Also the more you use your car, the more often you’re going to have to do maintenance and spend on gas. If you have to commute or travel for your work, then that is going to add miles each week and pounds to your overall expense of having a car.

Be Prepared for Things to Break
Unfortunately along with car ownership, you’re probably going to have to fork out for repairs at some point. Even the best cars end up with problems down the line and as a general rule the older the car, the bigger the problems when they do crop up. I suggest setting up an emergency fund to cover any unexpected car expenses, so that you can tackle them as they come up and keep driving.

Owning a car can be a wonderful way to enjoy more freedom and comfort, but before purchasing a car or upgrading your car, it’s important you are aware of what it really costs to own one.