Owning a car is expensive enough. There’s paying for the car, there’s the fuel, the mandatory insurance, state costs and more. But these costs can suddenly hike when you least expect it or be a lot more than you thought you could handle. Not to mention the other dastardly expenses waiting to jump out at you. Here, we’ll look at how you better deal with the unexpected financial implications of owning a car.
Too much insurance
Insurance can be a tricky subject. We want to save on it, but at the same time, we can’t always really afford to do so. It’s all about taking a closer look and finding out just how much is right for you. There are a lot of resources to help you with this. For example, guides on buying insurance whether you’re 18 years old or if you’re a parent in a family car driven by your kids. You might also want to consider going with an independent agent for advice instead of your current provider. That way, you’re more likely to get an unbiased assessment.
Those huge maintenance costs
The less you prepare for your very predictable need for maintenance and repairs, the worse an effect they can have on you. First, take care of your car routinely. From getting it the schedule checkups it needs to learning a little more about maintaining it yourself. The more work you do on it, the less you might need your mechanic. More important, however, is to prepare your money for it. If you’re saving up an emergency fund, you should also have a car repair fund. That way, you’re not caught off guard and low on finances. Otherwise, you might have to rely on loans with truly terrible rates of interest.
Prepare for some trouble
Your car isn’t the only thing that can get in trouble. Owning a car brings with it a lot of very serious legal implications. It’s a good idea to have some money set aside for any legal fines you might get or costs you use to get out of paying fines. For instance, legal advice for helping you out of your DUI predicament.
Fluctuating fuel prices
Paying for fuel isn’t something you can avoid. It’s something you can get a lot better at, however. Which is especially important given how those prices can suddenly hike. Getting a better fuel consumption rate relies a lot on the choice of car you make and how often you use it. However, it can also depend on how well you drive and take care of the car. For instance, sudden acceleration and deceleration consume fuel a lot more than taking it steady when parking or starting it off. Similarly, poor maintenance of your spark plugs could mean they use more fuel for getting ignition going in your engine.
For real prudent car ownership, you have to prepare for all kinds of eventualities. Even ones you might not expect, like you being accused of breaking the law. Otherwise, when that situation does hit you, it will hit you hard.