HIDDEN COSTS OF BUYING A VEHICLE
Do you feel like you need to buy a vehicle (car) this year?
Why it is important to buy a vehicle that is less than what you qualify for?
1. Because qualifying for credit doesn’t
mean affordability.
2. The vehicle instalment is not the only cost associated with buying a vehicle?
There are several hidden costs to consider when buying a car, including:
On-the-road fees
Also known as a dealership fee or service and delivery fee, these fees can include the cost of a pre-delivery inspection, certificate of roadworthiness, delivery fuel, and more.
Government charges
These can include state sales tax, the cost of establishing the title, and registration.
Insurance
The cost of insurance depends on the car's make, model, and your driving history.
Maintenance and repairs
Owning a car requires regular care, including routine services and unexpected repairs. You can budget around 2% of the car's value for annual maintenance.
Fuel
The more you drive, the more you'll pay for fuel.
Replacement tires
Standard size tires are usually less expensive, but you should replace them in pairs to ensure equal traction
