Photo by Adam Nieścioruk
Originally Posted On: Motoring Woes: When Your Car Can Cost You And How You Can Prepare (benzinsider.com)
Motoring is something that isn’t without its fair share of costs and motoring woes. It can’t always be plain sailing when it comes to driving. Sure there is always going to be a cost to you each month, especially if you are driving a Mercedes-Benz. You have your running costs that can increase and subsequently decrease due to the price of oil and fuel. You may have a finance arrangement on your car which means you are tied into a monthly payment each month.
Sometimes it isn’t just about the costs that you expect that can throw you off course, sometimes it is the hidden costs that can get to you. In many cases, you might find that you are having to pay out for your vehicle when you least expect it. However, preparing as much as you can and understanding when your vehicle will cost you can help you to navigate it so that the vehicle doesn’t become a financial burden. With that in mind, here are some of the common motoring costs and issues that you may face during the time you have your vehicle on the road.
The cost in running your vehicle increases
In most cases we can often accept the rise in costs of running a vehicle, but often this can hit us hard when we don’t expect it. Initially, you may have had a vehicle that your fuel costs were paid for by your business or company you worked for. All of a sudden if that was to change then the vehicle you have chosen may become more of a financial burden. It could be that the rise in running costs increases because your type of work changes. Maybe you had a petrol vehicle and now do a lot of miles which would mean a diesel or electric vehicle would be more economical. At the time, you buy for your current needs. But if you can, considering what the future holds could help you to make a siser choice when it comes to buying a specific engine type, size or even the type of vehicle you buy. Last of all, nobody can account for the rise in costs for oil and fuel. But it is always worth having a fuel budget within your finances so that you know that you are always covered.
When it comes to upgrading to a new one
You’d like to think that upgrading your car is just part and parcel of motoring and ownership of a vehicle. But, a car is a depreciating asset which means that when it comes to changing it for a newer model, you may find that the valuation differs from what you have in mind. This is when your car can end up costing you more than you anticipated. A car dealership will always try and obtain your car for the best possible price, so don’t always take their first offer. You may find that it might be more in your favour to sell your car as a separate transaction to purchasing your new one. It could save you more money than losing it within the deal of your new one. It also may be apparent that you owe more on finance than your car is worth, so you may need to prepare to make a separate settlement to your finance company.
Getting into a car accident
A car accident is something no one intentionally gets involved in, but this can happen when you least expect it and can be quite costly to you. Hopefully, your insurance policy will cover any damage that takes place in the car, but it might be the personal damage you could be struggling with the most. Seeking help from professionals who can advise you on your circumstances and financial position if you want to claim is a good idea. Keep in mind that there may be other things to consider if you are involved in a car accident with more than one party. For example, you may have insurance, but do they?
Relocating to another country
This one may be quite specific, but it is a potential car cost nonetheless. Imagine you are in a situation where your career takes an unexpected turn, maybe you need to relocate for your job. Or perhaps you and your family have decided that living in another country is part of your future. What happens to your car? Along most things, you may want to consider taking your vehicle with you, afterall, they are an investment. This is where websites like CarsRelo could help you make the right move and also help with the initial costs of it. Relocating can be an exciting part of your future, and in some cases a crazy adventure. So if this is on the cards for you then it may be worth understanding how much it would cost to get your vehicle out there with you.
A hefty bill when the car visits the garage
Cars cost money to maintain, there is no hiding that fact. So you may not be expecting a big bill from the garage when your car has gone in for a routine safety check, service or MOT. However, car dealerships have a duty to inform you when necessary repairs need to take place. They can also advise when you may likely need to have certain repairs done for wear and tear items like brakes and disc pads. Many dealerships will perform something called a vehicle health check, and this means that they give you ideas of when things will need to be replaced due to wear and tear or when things are wrong. Another time you won’t be expecting a big bill is if your car suddenly breaks down. While it can be very annoying and inconvenient, in some cases it might be that something is seriously wrong and with that comes the costs of repair and parts. If you don’t have a warranty on your vehicle this is when the price can be really increased. If you can, having a warranty on your car can help to avoid hefty bills. You can also save in a service plan to pay for those yearly checks as some manufacturer costs can be increased just for a maintenance check.
Your car insurance renewal
No one can be prepared for when it is insurance renewal time. Even if you have had no claims and paid promptly, sometimes insurance companies can still surprise you by hiking up those premiums. There can be a number of reasons for this, and often it can be national statistics or even your local area that can cause an issue with your insurance. It often means that loyalty doesn’t count for a lot, so it could be worth looking at making a change when the time comes to renew your insurance. There are plenty of comparison websites online that can help you to find the right deal for you. Just make sure that you get a certificate of your no claims from your previous insurer so that you can benefit from that discount. Also don’t forget to update insurance companies of where vehicles are parked during the day and at night. Even a change of address if you move can impact your insurance so it is worth keeping an eye on it.
The winter months can be expensive
There is no denying that there are certain times of the year where your vehicle can cost you more than you would like. The winter is one of those times. It is the change of weather rmaking driving conditions that more dangerous. It is the chance of things like grit on the roads causing damage to your car’s bodywork, and let’s not forget the prospect of having an accident on the road during icy conditions. Winter is an expensive time of the year not just with the potential accidents and unforeseen costs, but also winter is where your car may have to work harder, such as the clutch or brakes. So be mindful that in the winter it could be times where you have to pay out a little more for your vehicle.
A chip on the windscreen can be costly
Another thing that can cost you when you l;east expect it is your windscreen. Many of us will be familiar with the story. You are driving along, and then a stone lands on yoru windscreen and chips it. But the issue is what you do next. Repairing the chip can be very low in costs and easier to do. However, delaying that repair means that you run the risk of driving and making it worse. It only takes one pot hole or uneven road surface taken at a high speed and that chip turns into a crack. This is when your windscreen needs replacing completely and that can be extremely costly and something you don’t expect. Some insurance policies have windscreen cover, so it is worth checking yours before you need to pay out for the repairs. The best advice is to always get it sorted the soonest you can.
Let’s hope highlighting some of these motoring woes will help you in the future.