3 costs to consider when purchasing a car

When purchasing a car there are a number of things you’ll need to consider in order to keep the car running – each of which will come at a cost. For a an estimate of the costs associated with your dream car check out our fun car loan calculator.

To help you out we’ve explained three of the main costs you might like to consider when purchasing a car:

1. Upkeep
Keeping your car safe and drivable is essential and will cost you money. Upkeep costs include general servicing, tyres, cleaning and replacement of worn parts. The type of car you purchase will have an effect on the amount it costs you on upkeep. For example, many European car parts will generally cost more than those made in Asia or Australia.

2. Fuel
How much you spend on fuel will depend on how far you travel and what kind of car you have. Our car loan calculator helps you to estimate how much it will cost you to fill it up at the servo.

3. Insurance
Compulsory third party insurance is just as its name suggests – compulsory. Insurance requirements are different for each state and territory so it’s best to visit your local traffic authority website to find out what’s needed. Additional types of insurance include third party property damage, third party fire and theft and comprehensive insurance. For more information about our particular car insurance products go to our motor vehicle insurance page. To help you decide on what kind of insurance you need it might help to ask yourself these questions:

  • Is my car likely to be involved in theft?
  • Will I be able to get around if my car is stolen or written off?
  • If I crash into a luxury car will I be able to afford the repairs?

Another consideration you’ll need to make is how you are going to finance your car. Heritage offers a great car loan product which can help you get behind the wheel of your dream vehicle sooner rather than later! Visit your local branch or phone 13 14 22 today!

What other things will you consider before purchasing your next car? Share your thoughts below!

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* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The information provided is intended as general information only. Blogs have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision.  Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products (available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.