Buying a car costs a lot of money, even when you’re going second hand and getting a 10+ year old model - it’s simply a lot of cash to drop in one go! Plus, once you’re behind the wheel, the cost of owning the car isn’t going to stop there. And while cars are useful, that makes it a pretty stressful item to own! So check out the tips down below. The more you know about car ownership, the easier it’s going to be to be independent on the road.
Find a Good Mechanic
When you find a mechanic that you like working with, who clearly has expertise in handling your car model, and does their best to keep costs low, hold onto them! A good mechanic can be hard to find when you’re in need, so locating them first before anything has gone wrong is key.
This way, you’re not going to fall into a pit of stress when you’ve had a breakdown. You’ll have someone to call who you can rely on. That’s gold dust in the automobile world!
Understand Tax Early
Car tax is a hard thing to understand. One of the biggest questions a new driver can have revolves around can you tax a car without mot, and the complex process of getting something like an mot done on time each year. Which is why it’s useful to get your tax questions in now. Let’s go through the main points:
In Australia, you’re going to have to pay tax on the purchase of a new vehicle after the sale has been conducted. You’ll then often need to pay motor tax, to ensure you can use the roads legally. And depending on the cost of the car itself, you may have to pay luxury car tax. It’s a big cost if you’re not ready for it, so eliminate the stress by preparing properly.
Have a Savings Pot
The cost of a car is exponential. Whether or not you decide to sell one day, the only way to make a return on the investment is to look after the vehicle as well as you can. That means you’re going to need a separate savings pot for auto needs only. On top of the cost of fuel, as well as the regular services you’ll have to go in for, a repair could be needed at any time.
But how much should you keep in the pot at all times? It’s all dependent on the cost of the car you own. You’re going to want to save around 20% of this purchase price, or the actual value of the vehicle, if you know it. This way you’ll always have a good chunk of change available in case the engine needs ripping out, or your bodywork has been scratched or dented.
Car ownership can get you hot under the collar. However, the more you prepare for the multiple, long term needs that a vehicle can bring, the better.
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