Are you preparing to purchase your first vehicle? If so, you might be worried about the expense. It’s no secret that buying a car is going to cause a hit to your bank balance even for years after and we’re not talking about financing. Even if you buy it outright you’ll find that it does weigh down on your income. So, you need to think about how to reduce the cost here. There are a few ways to do this so let’s look at some of the possibilities for leaving the costs behind you when you purchase a vehicle.
Photo by Matheus Bertelli from Pexels
If this is your first car, you might not be aware that there are different bands for insurance. The band determines the premium that you’ll pay. This can be band 1 to over 18. It gives you a firm grasp of how much you will be expected to cover each month before you make your own investigations with an insurance broker or company. Generally speaking, smaller cars have lower insurance premiums while larger cars have higher costs. There are some minor exceptions to this rule and engine size is also a crucial detail. A 1-litre engine will be considerably less to insure than a 2-litre.
Fuel Economy
Photo by Skitterphoto from Pexels
Do check the mpg of the car that you are purchasing. You need to make sure that the mpg is quite high and anything over 50 mpg is recommended. This means that the car will complete fifty miles per gallon which is fairly great. A sports car will probably do about 30 and that’s not going to serve you well on the road at all. Instead, it’s highly likely that you’ll need to stop at virtually every station you see to refuel.
Age
Photo by Markus Spiske temporausch.com from Pexels
The age of the vehicle will also play an impact on how much it’s going to cost. Older cars are cheaper to insure but they usually use a lot more fuel. So, it’s kind of a balancing act. You also need to be careful about environmental issues as it does look like penalties will soon be introduced for cars that are particularly unfriendly to the environment.
The obvious question then is whether you should opt for a used car that is second hand. This could still be a great choice because a used car will save you from the issue of depreciation. As well as this, if you buy from a reliable source like CC Cars Limited, you can make sure that you get a quality model that will serve you well on the road.
Extra Tip
Photo by Taras Makarenko from Pexels
One last tip would be to think about using an insurance solution that offers a black box service. A black box service simply means that the company will be able to check on your driving style and whether or not you are speeding. There are also boxes that will limit your speed to the limit. Obviously, this makes you less of a liability and will reduce the cost considerably.
Whether you are planning to purchase your first vehicle or your helping your kid choose theirs for the first time, these are the considerations you should make when looking for the cheapest option.
