How much does your car really cost you?
Why not make money from your car with Logbook Loans…
If you have recently purchased a car or are planning to do so, you will most probably have done quite a bit of research into prices to make sure that you are getting the best deal. If you are still in the process of this then do take a look at our recent article Ten questions to ask before you buy a new car. Better yet check to see which cars hold their value best…
Either way, you need to be aware that the price you pay for the car is only the beginning. Last year it was estimated by Kwik-Fit that on average it can cost over £160 per month to run a car! If you are not prepared for this cost you can soon find yourself struggling for money without realising why.
So what are these costs of running a car?
Regular expenses can include some or all of the following:
- Fuel – be it petrol, diesel or electric!
- Car insurance
- Routine maintenance and servicing
- Unexpected repairs and breakdowns
- Vehicle excise duty (road tax)
- Breakdown cover
- Parking permits and tickets
It all soon adds up. And the monthly cost could be even higher if you do more mileage or have to spend a lot of money on parking for work.
Also don’t forget that over and above these regular expenses there are the unexpected expenses that come with owning a car. If something goes wrong with your car you will need to get it fixed quickly in order to keep your car on the road and this will cost money. You need to be prepared for this: any car can go wrong at any time. If you are really unlucky you may face a major issue such as brakes or gears. But even smaller issues such as damaged tyres or cracked windscreens can end up costing you money that you can’t really afford.
So if you have just changed your car, or are about to, then do think about the regular and unexpected costs of your car and make sure that you budget enough money to meet those costs. It is a good idea to put aside a bit of money each month so that when your car does need attention you have money available. Some car owners like to take out a service plan with a garage and pay so much per month so that when regular servicing is due there is not a big bill to pay. It is also worth comparing the different breakdown services to see what is and is not included: you then have peace of mind about how you would cope with a breakdown, particularly away from home.
The good news is that you can also make money from your car: which means that if you are stuck you could get the car to pay for itself. With a logbook loan you can use your car as security for a loan. You still keep the car and have full use of it but can also get hold of some instant cash.
Sounds too good to be true? Take a look at our range of logbook loans to see how it works and how we may be able to help you to keep your car on the road this spring.