Owning a car – it costs way more than you think!

Darryl Bachmeier
Jul 26, 2020
Finance


The Glam of owning a car

Owning a car just feels right. It is a sign of comfort and luxury for many. A car is the fastest way to get to a place, without the hustle of Uber, taxi, or public bus and trains. This all sounds like a dream to a person who doesn’t have a four-wheeled friend of their own, but we need to snap back into reality.

The Lore of owning a car

So let’s say you have finally saved up enough money to buy yourself a car. You buy yourself a brand new car that is perfect for your needs. Have you wondered about how much it costs to maintain it? Have you gotten the car registered? Is there insurance on this car? What about the other minor things, like gas and parking? The lore just keeps getting bigger and bigger.

The Expenses of owning a car

Let’s talk facts. Numerous tasks need to be handled when you buy yourself a car. Here is a list of some of them:

Insurance

Insurance is a must when you buy a car. Insurance is a safe bet for anything bad in the future. But to have that insurance, you need to pay for that insurance.

Yearly insurance pay can range from $1.6k to $2.6k minimum. That is dependent on the area you live in and the car you drive.

Maintenance

Maintenance is one of the main expenses of a car. Without maintenance, the car can easily be destroyed and thus, cost you a fortune to fix up again.

The oil change is needed after 5000 kilometers (3000 miles) to 8000 kilometers (5000 miles). Every oil change costs $30 to $50 or more (depending on the oil).

On average, it has been noted that a car takes up $500 to $700 (or more) to be maintained. That can be increased more, depending upon the car’s condition and mileage.

Fuel

You need fuel for the car. Fuel prices range from car to car. Smaller cars tend to have up to 50 liters (12 gallons) of storage, costing about $47 per fill. Larger cars and trucks have a 60 litre (15 gallon) capacity, costing up to $58 to $60 per fill.

Averaging all odds, the yearly costs of filling up your car can range from $2.8k to $3k on average. Next time, think about all of the savings you can do when you are at a gas station.

License and registration fees

License registration is also another expense that you have to consider. Another buck into the bank of the government, I guess.

Tires

Everyone tells you to keep a spare tire in your trunk for a rainy day. But the tires cost money. Other than keeping a spare tire, you also need to replace the tires after 40,000 to 80,000 kilometers (25,000 to 50,000 miles).

One tire can cost from $100 to $300 (on the lower end) and $300 to $1000 (on the upper end). Tires are in danger of being torn or damaged in rougher areas as well.

Parking

The parking dilemma is one of the main issues that car owners face on a daily. Parking expenses take up to $3000 annually. That put together really brings things into perspective.

How to reduce your transport costs?

When things are put together and stats are brought to light, it shows us the true colors of the hidden costs of a car. So now the question remains – what can we do about it?

Use Public Transport

Public transport is the best way to reduce your travel expenses. Subways, trains, cabs, and busses are a great way to travel and cut down the costs of a car.

Carpool

If you own a car, that doesn’t mean that you need to bear all the expenses alone. You can carpool with a friend to get to your destination and split the costs.

Buy A Smaller Car

Buying a smaller car can cut down many expenses. Smaller cars cost less in maintenance and take up less gas. That can help you if you need a car due to working odd hours or not having public transport accessible to you.

Walk Where You Can

Walking to your destination can help you to use your car less, saving you from a gas expense and parking charges.

Conclusion

Cars are something that everyone wants to own, but cars can be tricky to maintain for people with less income. Look at all the pros and cons of owning a car, match the expenses and see if you can truly afford the car you have been eyeing.

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