When buying a car, it’s easy to focus on the price, but there are other costs that you’ll need to consider. These extra expenses can add up and affect your overall budget. Things like insurance, road tax, and maintenance should all be factored in. Here’s a simple guide to help you determine your total car budget.
Car Insurance
The cost depends on the make, model, and age of your car. Generally, new cars will have higher insurance premiums, while older cars may cost less to insure. Be sure to shop around for the best insurance quotes.
Road Tax
Road tax is an annual cost, and the amount depends on your car’s engine size and type. Larger engines will cost more, so keep that in mind when budgeting for your car. You can renew your road tax online, but don’t forget to include it in your yearly budget.
Fuel Costs
How much you spend on fuel depends on how much you drive and how efficient your car is. With fluctuating fuel prices, it’s important to estimate monthly fuel costs. Smaller cars tend to be more fuel-efficient, which can save you money in the long run.
Maintenance and Repairs
Regular maintenance is key to keeping your car in good shape. This includes things like oil changes, tire rotations, and brake checks. The cost will depend on the age and condition of your car, but it’s wise to budget a few hundred ringgit each year for routine upkeep.
Tires
Tires wear out and need replacing every few years. The cost of new tires depends on the type and size, but it’s an expense to plan for. Make sure to set aside money for tire replacement as part of your long-term car budget.
Depreciation
While not an immediate cost, depreciation is something to think about. New cars lose value faster than used cars, so if you plan on selling your car later, it’s important to know how much it will depreciate over time.
Conclusion
When setting your car budget, it’s important to look beyond the purchase price. Make sure to account for costs like insurance, road tax, fuel, and maintenance. By considering all of these factors, you’ll have a clearer picture of the true cost of owning a car and be better prepared for the long-term expenses.
Determining your car budget is crucial for every buyer. It's important to avoid costs beyond the purchase price when buying from a used car dealership, which is why choosing the right dealership is a key step. At Tiger Motors, we offer a free Loan Calculator, Roadtax Calculator on our website, making it easy for you to calculate your monthly instalments when considering a used car. Feel free to contact us directly for any clarifications. Rest assured, every car we sell is Tiger Certified, ensuring quality and peace of mind for our customers.
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