| How to calculate the cost of owning a car |
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| Wednesday, 18 March 2009 08:15 |
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Most car owners know that the cost of a car is much more then the sticker price in dealer’s lot. Know the cost of owning a car before you buy a new one. • Multiply monthly payments by 12 to calculate the total annual cost of your loan. • Insurance cost matters • Don’t forget to take into account the depreciation a car will have. As soon as a car is taken out of dealer’s lot the car will do down in value. • Taxes, registration and licence fees can also add a lot on to the annual and initial cost of having a car. • The cost of petrol consumption of a car is very important. • Cost of maintenance and repair should never be overlooked • If driving in areas that require you to pay parking fees make sure to calculate costs. • For more on cars for sale, please see column 130inside. |