Hidden costs of owning a car

So you’re looking at purchasing a new car? Here are a few things you should keep in mind before you sign those loan papers!

  • Registration and transfer fee 

Car registration will account for a large part of your annual car ownership costs. It is an annual (or bi-annual, depending on how you choose to pay for it) cost that must be paid in order to keep your car on the road. Even for those of you looking to purchase cars with months worth of registration left on them, remember that in order to own the car, you must pay a  fee for the transfer of ownership. You will also need to consider the additional safety check costs that come with owning a car that is 5+ years old. Any vehicle that is more than 5 years old will also require a pink slip to be able to be registered, which means you will need to take your car into a licensed mechanic for a compulsory e-safety check. At this check, you will be required to pay for any items such as light bulbs, damaged wipers etc in order for your car to pass the safety inspection, possibly adding extra costs you weren’t aware of on top of the fee for the inspection itself. If registration costs are something you don’t want to have to think about, subscription might be the answer for you. Carly car subscription will cover all registration costs, leaving you with no out-of-pocket surprises, with just one flat monthly payment.

  • CTP / Compulsory Third Party Insurance

Another consistent and often large cost of owning a car is the Compulsory Third Party Insurance. This is more commonly referred to as the ‘Green Slip’ in New South Wales, which is a legal requirement for all registered motor vehicles. A Green Slip is a personal injury insurance policy that you must buy before you can register your vehicle. The great thing about Carly car subscription is that the green slip cost and management are all included in your monthly cost, so you won’t need to worry about making sure you are covered for any third party damage or accidents, you will be automatically covered. 

  • Comprehensive or Third Party Insurance

If you’re looking to buy your car outright, purchasing comprehensive insurance to cover accidents,  fire, theft, and damages may not be compulsory, but it is highly recommended. If you’ve chosen to finance your car, then almost all banks and lenders will require Comprehensive Insurance to protect their investment and ensure they don’t lose any money in the event of a car accident. The third-party insurance cost will usually be one of the most expensive annual outgoing costs for a car-owner. At Carly, we take care of all of these insurance costs for you within the flat monthly subscription fee.

  • Servicing and Maintenance

To make sure you get the most out of your vehicle, keep unexpected repairs costs low and keep it in the best condition to ensure longevity, you’re going to want to stay up to date with all of the scheduled servicing and regular maintenance needed for your car – something which many people avoid. The simple fact is that everything in a car wears out eventually, so consistent servicing is necessary to make sure you don’t miss something that will cause you further problems and much bigger unexpected costs in the future. Depending on the model of your car, parts alone can set you back quite a lot, so don’t underestimate the costs of your scheduled service and maintenance visits. 

If your budget doesn’t allow, or you simply don’t want to have to deal with any unexpected costs, a Carly Car Subscription may be for you. All maintenance and repair costs are covered within your monthly subscription fee, so you won’t need to plan or worry about unexpected or additional expenses at any time. 

  • Running and Ownership Costs

While these may not exactly classify as ‘hidden’ it’s good to remind yourself of the other costs associated with car ownership. Aside from petrol, these can also include road tolls, roadside assistance packages, tyre replacement, depreciation (your car will be worthless and less every year) and your loan repayments if you financed your vehicle.

So what happens when you invest all of this money into a vehicle and your circumstances change or you’re no longer content with the car you have chosen? You’re likely to be stuck with your vehicle unless you can afford to buy a new one. With Carly, this isn’t a problem! You can change your subscription car as soon as your circumstances change. Whether it’s a new addition to the family, or you need a smaller car to travel to and from the city for work, you can switch your current model to a new model that better suits your lifestyle needs. You can also just switch your car to keep it fresh, who doesn’t want to mix it up and try out the latest models? With Carly you get to drive your life, your way. 

So why are you still buying your own vehicle? Get started with Carly today.

2020-05-29T04:48:05+10:00