Avoiding Surprise Expenses After Buying A New Car
If car buying is on your wish list for this summer, it is important to take a moment to analyze all costs associated with this major purchase. Despite popular neglect, the expenses do not end with the purchase of the car itself. Car ownership comes with a wide range of expenses that you must account for when car shopping, including:
- Often, many individuals forget how much car buying and auto insurance go hand in hand. Since your auto insurance rates are heavily dependent on the type of car you drive, you will want to discuss changes to your policy before heading to the car dealership. This will ensure that no unpleasant premium increases arise after the purchase.
- Upgrading to an SUV or sports car may mean a change in gas mileage. If you are used to getting 40 miles to the gallon with your sedan, it is important to look into how much more you will now need to fork over for gas each week with your new ride.
- It is important to keep maintenance costs in mind when car shopping as well, even if you are buying a brand new car. Due to the complexity of more expensive and luxurious cars, they typically cost more to maintain. Therefore, new tires may become a daunting purchase with your newer and advanced ride.
- Will you be opting for the extended warranty that will provide you with coverage throughout the lifetime of your loan? If so, it is important to add this cost into your calculations since this will likely be added to your monthly bill.