The average cost of owning a vehicle is around $9,000 per year. And that’s just the average; it may be more or less depending on where you live and what kind of car you drive. The great thing is that there are various ways to save money on your vehicle ownership costs. Here’re insights on some of the hidden fees and how to reduce them so that you can pay less for your transportation needs.
Insurance Costs
Insurance cost is one of the hidden costs that every car owner should consider. In some cases, it is usually cheaper to purchase a new vehicle than to have an existing one insured.
While many think they have made their final decision on getting insurance for their cars, there are still other aspects you need to consider apart from coverage and premium rates:
– Discounts (if any) available with your current provider;
– Coverage limits (liability versus comprehensive);
– Deductibles; and lastly
– Type of policy you’ve chosen (complete or third party only).
If you are planning to switch insurance companies, here is an important consideration: your insurer may drop your policy if they find out that the car has undergone significant repairs or modifications. It’s in their best interest to keep premiums low and stable, so don’t expect them to be very flexible with this issue.
Getting a Lawyer When You Get an Accident
The average cost of a truck accident attorney is $400/hour, and since they will most likely not work for 40 hours in one week, you can expect to pay anywhere from $16k-$40k.
For instance, getting legal assistance from car accident attorneys may cost you more if you were bruised in a collision that involved several vehicles, as opposed to an accident with just one other car.
In addition, the severity of your injuries and the amount of evidence available to support your case will also affect how much you’ll end up paying for legal representation.
If you’re looking for affordable legal help, consider finding a lawyer who offers contingency fees – this means they won’t get paid until they win or settle your case.
Fuel Costs
Fuel is one of the most high-priced commodities for people who own a vehicle. According to AAA’s Gas Price Report, the average person spends nearly $275 on gasoline per month. To save money on fuel costs, try these tips:
– Try carpooling or using public transportation more often
– Slow down your driving speed
– Combine errands into one trip as much as possible
– Buy gas in bulk when prices are low
Conclusion
In conclusion, if you are planning to buy a car, it is essential to consider the hidden costs of owning one. This blog post has discussed insurance costs, maintenance and repair costs, fuel costs, and learning how to do DIYs for your vehicle. Even if you have an accident, it is also crucial that you have good legal representation not to be exploited by greedy lawyers or scam artists looking to take your money away from you through unfair settlements towards their clients.
