Buying a car, either brand new or used, is a huge step. What are the expenses to keep in mind before landing a model of choice? Are there other payables that you need to worry about? How can you make the most out of your investment?
If you’re planning on buying a car soon, experts recommend that you consider these four expenses that often come with the purchase.
Value of the Car
As reported in a study by the American Automobile Association (AAA), the average price of vehicles increased by nearly 25% more than last year. This is not just because of inflation rates or the rise in manufacturing cost for the car itself: data suggests that this is also due to increase in insurance rates, registration fees, taxes imposed, as well as depreciation, among others.
For new car owners, there is still a way to be able to face this hurdle more reasonably. For one, you can discuss flexible payment terms with their Subaru dealership in Bend, OR. There is always a plan that can suit your needs, regardless of your financial status or ability to pay.
Repair and Maintenance
Cars will always need a helping hand to keep them running smoothly. This is why regular repairs and maintenance checks are like clockwork, ever present in your calendar of activities. In the same report by AAA, car repair costs have grown by up to 9% per mile in the past year. This may also be attributed to the more complex car systems that are in the market today. Some vehicles are more challenging to fix than others, too.
Consumer Reports also showed that at present, a typical owner of a 3-year old car spends about $80 a year for repair costs. For a 5-year old vehicle, yearly repairs will bill him about $200. However, if the vehicle is about a decade old, one can expect to pay almost $500 a year just to keep it running. In short, expect to pay more if you’ve driven more.
Fuel prices are another dynamic figure, which often depends on global trends. For new car buyers, among the first car specs to check is the fuel efficiency. Many will choose to buy a slightly more expensive vehicle, as long as the miles per gallon will make them happier in the long run. The same goes for electric vehicles, too. Even the cost of charging up the car increases over the years, so this is another consideration when picking out a model to buy.
Cost of Tires
More about function than aesthetics, tires may seem to be often taken for granted. Many car enthusiasts recommend going big and spending for top-tier tire models in the market, because they are more durable, require less maintenance, and are the safest to use on the road. There are, however, mid- to low-range priced tires that can still do the job without having to break the bank.
These are only some of the factors that can influence a car shopper’s decision to buy. If you need a little more information, you can always turn to the experts. Check out Subaru of Bend near Eugene, OR, a premier retailer of new and used Subaru vehicles.