The Hidden Costs of Getting Your First Vehicle

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 Friday, November 02, 2018/04:15PM / CopyAgents.com

 

When you get your first vehicle, it’s often an exciting time. For many people this big rite of passage comes during the adolescent years when everyone is first learning to drive and allowed to legally drive on the roads. You become free to go out and explore so many more places on your own schedule. However, getting your first vehicle also comes with a lot of responsibility, and unfortunately, many financial considerations even after the initial purchase. Read on to learn about the hidden costs of getting your first vehicle.

 

1. Insurance

It would be nice if when we went out on the roads we were the only ones out there, but that’s never case. In fact there are many other drivers out there, as well as unpredictable conditions on the road. In order to protect our vehicles, ourselves, and others while on the roads, every driver must have some form of insurance. The cost of insurance can vary and depends on a wide range of factors. Coverage can vary across different age groups and may change according to how many accidents that you have had in the past. It can even vary depending on what kind of vehicle you have. For example, average motorcycle insurance cost for a teen might be a lot different than the average car auto insurance cost for a teen, and so on and so forth.

 

2. Gas

Getting fuel for your first vehicle is another important cost for owning a vehicle. Sure, everyone knows that you need gas to make your vehicle go, but many people forget that paying for gas is a regularly occurring cost. One month you might budget for it poorly and next thing you know your tank is on empty and you can’t afford to fill up! This is a worst case scenario, but budgeting is important for making sure your tank is full when you need it to be. Sometimes gas fluctuates in price, so pay attention to how the numbers change as well. If you do a lot of commuting, make sure you plan accordingly. You might even want to consider investing in a vehicle that has good gas mileage.

 

3. Oil Change, Tires, and Maintenance

 Like any other complicated piece of machinery, a car or other vehicle should be inspected regularly to make sure all major points are in working order. For example, oil changes are an important task. You should change your oil after a certain amount of miles. If you know how to, you can change it yourself at home and save money. But if you don’t, you will need to spend money on a change every once and awhile, especially before any big trips. Another important thing to pay attention to is your tires. Pay attention to the tread and get them replaced if they need to be. Sometimes accidents happen and you might get a flat, which is another possible cost to be prepared for. But cars sometimes have a mind of their own. Sometimes things go wrong for no reason mechanically or something breaks unexpectedly. Be aware that getting major repairs on your car can be costly and timely, so it is always nice to have some money saved up for a rainy day. If you have a car that is much older as your first vehicle, then you might experience more technical problems than those with newer cars.

 

4. Parking

Once you get your first vehicle, you will very quickly realize that finding somewhere to put it when you aren’t out sitting in traffic is exhausting and can be more than a little costly. If you live in an apartment building, you might have to pay for a parking permit. You also have to pay for some public parking spaces and parking for large events. This is especially true if you live in a large city.


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