You may be aware of the cost of petrol, tax and insurance, but do you know how much your car is really costing you to run? Suzanne Keane offers some tips on how to work out the real cost of your car
Very little can beat the feeling of the first day out on the road in your very own car but apart from the initial expense have you ever actually worked out what it’s costing you on a weekly/monthly basis?
Motoring is an expensive hobby and even the little day to day expenses can add up. If you’re struggling to pay for your existing wheels or considering purchasing new ones knowing the exact running cost can be a great help.
Make a list of the following and then work out the weekly or monthly cost of each (depending on when you’re paid)
- Motor tax
- Maintenance (work out how much it cost last year and add on 20% for a rough guide)
- Finance/Car Payments
- Breakdown Cover
- 1,200/year insurance (100 per month)
- 636/year motor tax (53 per month)
- Petrol 55/week (240 per month)
- Tyres 120/year (10 per month)
- Maintenance 300/year (25 per month)
- NCT 52/year (4.50 per month)
Which comes to a total of 374.50/month…… So I should really be putting that much aside monthly to cover the cost of driving – without allowing for any nasty surprises!
How much would a monthly train/bus ticket cost in comparison?
But if you are changing your car comparing the running costs of your existing car with those of the car you’re considering can be a deal maker (or breaker). You may even get a nice surprise and realize the running cost savings outweigh the purchase price!
6th June, 2017