Buying a car is one of the most expensive purchases you will make, and for many people offers the first true taste of financial responsibility. When buying a car for the first time, there are a lot of things to consider, but why is it so expensive? Get the information you need about the initial cost of buying a car to make sure you’re prepared when making this new and exciting purchase.

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The increasing cost of car ownership

The high cost associated with buying a car is nothing new. Even if you’re buying a used car, you can still expect to have to pay out for tax, insurance as well as the cost of running and maintaining your car. But this doesn’t hold true if you’re going for orlando bad credit car dealerships, which slash off a subtantial amount of price from the car and provide one with additional benefits. Additionally, auto insurance hamilton isn’t even anything to become perturbed about when compared to other costs that go into maintaining your car. What might be unexpected, however, is the increasing cost which is making car ownership more expensive than ever. If you’re hoping to become a car owner in 2017, be prepared to be faced with a number of costs.

Blame the pound

Part of the reason for the rising cost of car ownership is down to the pound. With the pound in a weak position following Brexit, new car owners can expect to find the cost of buying a car rising 2-3% due to 80% of the cars sold in the UK being imported from overseas. It will be interesting to see how Brexit will continue to have an effect on car prices in the UK over the coming months.

Rising fuel costs

Another reason for the increasing cost of owning a car lies with rising fuel costs, which have been continuously rising in recent years. This year has seen a particularly high rise in the cost of fuel, leading to a 2.3% increase in inflation – the highest in over three years. When you buy a new car, it can be difficult to anticipate what your cost of fuel will be, and could work out higher or lower than your previous car. You may have to factor this into your household budget while you adjust. However, it’s important to remember that fuel costs are continuing to rise, and you can anticipate dealing with increasing costs over time.

Higher insurance costs

Changes to policies and taxes have meant that insurance costs are skyrocketing, especially for new drivers. As compensation culture increases coupled with the other rising costs involved in owning and running a car, insurance can come at a hefty price for drivers. There are solutions available, and shopping around is recommended to ensure the best price possible for your policy. If you haven’t already done so, take a look at cheapautoinsurance.co.uk to get a good deal. You might find that it’s more affordable to insure a second driver on your policy, provided they do drive the car themselves.

Remember that you can cut costs on buying a car by browsing multiple options and working out which is best for you. When it comes to choosing the right car, cost will be an important factor but don’t let it put you off. Providing you’re sensible with your spending; there’s no reason why you can’t make owning a car work for you and your lifestyle.