Owning a car can be pretty expensive. There’s no way around it; there are several expenses involved in owning and maintaining any vehicle. There are the monthly payments to pay off the car itself, unless you paid for it outright, but there are also other expenses that you might not remember or that you fail to budget for properly. The money that you spend on fuel is an important expense, and you also have essential costs such as insurance and maintenance. It’s a good idea to budget across the year, instead of month-by-month, to ensure you have a clear picture of how much you spend.
Insurance and Tax
To ensure your car is legally allowed to be on the road, it needs to be taxed and insured. You can choose to pay your car tax every month, which might make it easier to budget, or you can pay it every six months or once a year. Choose the one that works best for you. A lot of people like to pay annually so they don’t have to think about it for a year. When it comes to insurance, comparing quotes is often the best way of budgeting and making sure you don’t overspend.
Fuel and Cleaning
Fuel is obviously one of the main expenses involved in running a car, but budgeting for it can be hard. It can take a while to work out how much you need to spend on fuel each month, and some months you can spend more than others. You can find online tools to help you budget more easily, as well as finding ways to save on fuel. Another thing that you might forget to budget for is cleaning your car. Even if you do it yourself, it’s important to consider what you’re spending on cleaning supplies.
Health Checks and Servicing
Keeping your car roadworthy means having to carry out health checks. Your MOT is the legal check that you need to have carried out each year. Fortunately, it’s easy to budget for because there is a maximum price that garages are allowed to charge for an MOT. The maximum amount for a car is £54.85. In addition to your MOT, you might also want to schedule regular servicing of your car to ensure it’s in good condition. Follow the schedule in your owner’s manual to ensure you keep your car working well and looking good.
Repairs and Maintenance
Sometimes, you will have to deal with something that has gone wrong with your car. You might not be able to predict exactly what will happen to your car, but you can predict that you’re likely to have to make some sort of repairs at some point. Having some money put aside for this purpose will ensure you’re not taken by surprise, and you’re prepared to pay for the necessary repairs. You can do some of your own routine maintenance to save money too.
Take a look at your essential car expenses across the year to ensure you budget for everything and don’t miss anything out.
