With EMI becoming popular in the market, buying a car seems very easy! But, there can be many additional costs other than EMI once you buy a car which do not seem affordable. So, here is a list of factors that give you the real cost of your new car!
Did you know that the value of your car starts depreciating the moment you drive it from the showroom to your home. Though it is not a good news, it is true! The value of your car will depreciate up to 30-40% in the first year itself!
The EMI that you pay every month does not only cover the amount of original loan but the interest as well, which is definitely an additional cost.
As the fuel we use are non-renewable resources, they are going to exhaust one day. This is the reason the prices are of petrol and diesel always increase.
In order to have a good driving experience, your car needs to undergo scheduled maintenance sessions, which can cost you about Rs.2,000 to Rs.15,000 per session.
In addition to interest on the loans, you also need to pay taxes like octroi and RTO tax.
In order to avoid excess expenditure during any mishaps, you need to get your car insured. This is again an additional cost other than the EMI and maintenance cost.
Though scheduled maintenance can keep your car in good condition, still there can be situations where your air conditioner fails, which account for more expenditure! These are termed as unscheduled maintenance.
Though accessories like anti-theft alarms, latest music system and lots more add to the security and comfort of the car, they bring in additional ownership costs as well.
Accidental repairs are quite expensive, but thanks to modern cars as they are more reliable. So, these costs are reduced to quite so extent.
While you travel in car, there comes parking costs, tickets and tolls. Though there are very small, together they add up to a good amount.
So, these are some additional costs that come with owning a car. Make sure you take them into consideration and only then buy a car. Always consider a car as an asset but not as an investment!