The Price of Owning A Vehicle
Is it time to consider purchasing a new vehicle? You may be considering the price of an automobile or already have a specific model in mind already. Whatever the case, there are many costs associated with owning your own car. Some come with a price tag specifically, while others are related to safety and health costs, like the risks that come along with auto accidents. Think about the price of owning a vehicle by looking at some interesting and unique costs associated with the situation.
Storage Concerns
Before buying a car, you must consider where you’ll keep it. While storing your vehicle outside when you’re not driving is okay, it’s not ideal. You risk having it vandalized or damaged by other sources like debris or falling tree branches.
When people buy a house, about 80% of them think about whether or not it has a garage and make it a factor in their final decision. Does your home have a garage or someplace safe to store your vehicle? If not, you could be looking at several different costs coming your way.
For instance, you may want to pay to have a garage or shed built to store your automobile. These projects can get rather expensive, but they provide an extra layer of protection you wouldn’t have. On the other hand, if you don’t build some shelter to keep your car in, you will want the best type of insurance protection possible. Then, if something happens, the overage will help pay for the repairs. However, remember that even with insurance, you will still have to pay something out of pocket for your deductible if you make a claim.
License, Insurance, and Registration Costs
Insurance, licensing, and registration to drive a vehicle are all costs associated with owning a car. Insurance is typically paid monthly, registration annually, and your license is a one-time fee with a small renewal charge every few years. However, that price can increase if, for some reason, you lose your license. For instance, there are things you can do that will result in the suspension of your driver’s license.
According to the Buhl Foundation, a study done in 2019 showed that over 57,000 driver’s licenses in Pennsylvania are suspended every year for people between the ages of 18 and 24. That means it’s more common or likely than what you initially thought. As long as you keep your driving records clean, however, you can avoid increased insurance prices and additional fees to get your license back after it has been taken from you for a violation.
You’re Putting Yourself on the Road
One price associated with owning a vehicle you can’t put a number on is getting in an accident resulting in severe injury or death. According to the National Safety Council, in June of 2022, the mileage death rate for every 100 million vehicle miles driven is around 1.36. While it’s a low number, it’s still possible and scary. So remember when you get on the road to operate within the limits of the law and always make safety your number one priority.
Now that you know some of the prices associated with owning a vehicle, you can make a more informed decision about whether or not you want to go through with purchasing one. Of course, if you already have a car, you know that these prices add up. However, if you’re struggling financially, you should rethink whether or not having your vehicle suits your situation. The vehicle you select will either enhance your ability to get around or it will cause you a lot of headaches. Take the time to research out your options before making your choice.