For so many people, owning a car is the one thing you are desperate to do the moment you turn the right age to start driving and feeling independant. You possibly imagine life on the open road, and the ease of getting from one place to another. You may save really hard for that first car, dream of owning something specific. You work hard to ensure you can afford all of the repayments such as insurance, but do we really know the financial hardships that come with car ownership? What happens if you get struck financially in other ways? Can your car help or can something be done? These are all the questions we can forget to ask, because, let’s face it, owning the car and just being independant far outweigh any negative aspect. But it is worth considering these things so you can feel better prepared should you be faced with them in the future. With that in mind, here are some of the common financial hardships of car ownership with some tips on how to get you through.
Keeping the car maintained and the financial burden that comes with it
There is no hiding from the main point that a car isn’t going to last years and years, and there will be times during the car ownership period when it will cost you a little more to have it repaired. While, of course, we can never predict when those costly moments are going to be, we can take preventative measures to ensure that we keep the car maintained. But it is always worth having in your mind that a car is unpredictable, and these moments tend to happen when you really don’t need them to. Always the way. There is a yearly cost to maintenance, which helps you gain a better insight into when things are likely to be needing replaced. Such as brakes, wipers, and tyres. Of course, some of the major factors of the engine can go wrong, so if you do want to prepare in advance for hefty bills, try putting a little money aside each month that you can use to keep your car in tip-top shape.
Having your pride and joy stolen
Many cars that are of huge value or are perhaps very unique in regards to performance or appearance can be targeted for crimes such as theft, and this can be one of the biggest hardships of car ownership. After all, your pride and joy can be simply taken away from you. In most cases, you have worked hard to afford the car you own, and then for it to suddenly disappear in what can only be described as targeted crime is soul destroying. Of course, this is where the value of insurance comes in, and you can be covered for such events like this. But it is always worth having in the back of your mind that your vehicle needs to be protected whenever it is left. Be that parked on a driveway or in a secure location.
What happens if you can’t keep up financially?
Of course, it isn’t just your car that you are paying out for each month. You have your house bills, perhaps a mortgage or a rent to keep up with, not to mention the other bills that come with your car such as insurance and fuel. So if you find yourself getting into some financial hardship each month then maybe your car can help. Aside from selling it, downgrading it or trying to reduce your monthly outgoings, you could consider Title loans where money is loaned to you on the basis of your car being the asset that guarantees it. This could be a short term solution to help you get back on track. Of course, you could go down the route of selling and if you do try and avoid selling back to a dealership as they will be looking to get the very best price for it, which doesn’t work in your favour.
Being involved in an accident can be costly, physically and financially
Finally, there is that problem of vehicle accidents. There may be times when you have lost your concentration and the accident and fault is down to you. There can also be times when the accident was not your fault at all and it was simply being in the wrong place at the wrong time. No matter how the accident occurred it can be a very hard experience to go through, both physically and financially. You yourself may have some injuries to contend with, and you also need to be dealing with your insurance company to ensure that any damage on your car and others involved is taken care of. This might put up your premiums the following year, so bear that in mind when budgeting. However, in most cases this can be unavoidable, so it’s just best to know what to do in this situation if it ever arises.
I hope that helps you to be more clear on the financial hardships of car ownership.