Would you rather own a brand new BMW 7-series instead of the car you are driving now if the purchase price is the same? What if I tell you that it will cost you $150 USD if you lose the key to the BMW? What about $6000 to fix a dent on your door? Would you still want to own one if you found out that you will spend twice as much on gas every month?
For many of us, the experience of buying a car consists of comparing the prices of the different vehicles that interests us. Very few of us will actually check out the mileage per gallon for those cars, and even fewer will compare the cost of repair, or to insure the vehicles. For the majority of us, we are just not paying enough attention to our finances this way. If you try to save money by clipping coupons but don’t do a full analysis when you purchase a car, you are being penny wise and pound foolish.
Here are some of the car related costs that you need to analyze before you jump into the purchase:
Different Gas Octane Levels – This is almost never a consideration, but there are some cars that required the premium type of gas because the engine is tuned that way. Unlike what some people believe, not putting the correct type of gas that the car owner’s manual recommend as the minimum will hurt the engine, shorting its life. The difference between being able to buy the regular octane gas vs premium gas could be 10%, which can add up.
About the Author
0Awesome Comments!