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The sometimes hidden costs of a family vehicle that you should be prepared for.
When you have a family, it’s fair to say a car is essential. The freedom of four wheels means you can take your kids on plenty of fun days out whenever the weather allows. What’s more, a vehicle is crucial from a safety standpoint. If one of your kids has an accident when you don’t drive, you’d have to waste valuable time waiting for an ambulance. With a car, you’ll be able to head out the moment anything happens. So in those respects, the costs of a family vehicle are totally worth it.
But, living in suburban or rural areas are different from the standpoint of living in more metro areas in terms of owning a vehicle. If you are going to get a family vehicle, you also need to think about keeping a decent amount in the bank. While savings are always crucial, they become even more so when you bring a car into your lives. Fail to get on top and you could find yourself in a decent amount of debt overnight. To avoid that, it’s crucial you have enough money to afford the responsibility. And, to make sure, let’s look at the expected and unexpected costs of a family vehicle which come hand in hand with your new family member.
What you can expect
The chances are you already have an idea of the what to expect in terms of costs of a family vehicle. For one, you have all those new monthly expenses. You’ll need to pay road tax and insurance, either in one lump sum, or monthly installments. The cost is the same both ways. What’s more, you’ll always need money for gas. Otherwise, your vehicle may stay on your drive going to waste. Equally, you’ll need to pay out for regular checks and maintenance updates, such as new wiper blades every six months or so. Add these together, and you’re looking at a fair amount over the course of a year. This is definitely something to consider when figuring up your household budget.
What you didn’t expect, but may come up against anyway
And, that’s before we even get onto the costs which you don’t expect. The chances are that at least one or two of these will crop up along the way. On the extreme end of the scale, being involved in a car crash can be an expensive experience, even if you have insurance. You may have to pay out on repairs until you can prove blame. Lawyers who deal with auto accidents can help you do that, but proceedings may take a long time. What’s more, you might need to pay to cover time off work while you heal.
You may also find yourself facing various repair costs along the way. No matter how well you care for your vehicle, there’s a chance you’ll experience issues somewhere down the line. Breakdowns and mechanical faults can cost anywhere from $10-$10,000. That’s just the luck of the draw. Again, if you can’t afford these repairs, your vehicle will go to waste. Worse, you’ll still have to pay insurance and tax on the thing. Over time, that’ll waste money, too. So, you’ll need to make sure you have enough to cover costs like these, too. Otherwise, you can kiss goodbye to the benefits which tempted you into getting a car in the first place.
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