What are all the costs associated with getting car?

Beyou

Hi I'm planning on getting a car (first time). I'm thinking of getting it on finance. I'd like to know all the costs associated with this. I know I'll have to pay the monthly finance, petrol, road tax, insurance, MOT, servicing and repair. Are there any other costs I've missed please? Also, does the Smart Fortwo Cabrio have no road tax?

neilmcl

Beyou wrote: »

Hi I'm planning on getting a car (first time). I'm thinking of getting it on finance. I'd like to know all the costs associated with this. I know I'll have to pay the monthly finance, petrol, road tax, insurance, MOT, servicing and repair. Are there any other costs I've missed please? Also, does the Smart Fortwo Cabrio have no road tax?

That pretty much covers it.

As far as "road tax" is concerned then it depends on the model/engine you're referring to.

alembicbassman

Some dealers are doing a 'Just add fuel'

Peugeot are offering this: https://offers.peugeot.co.uk/just-add-fuel

No petrol, diesel or alternative fuel car registered on or after 1st April 2017 is free from vehicle excise duty. Any car registered up to 31st March 2017 that produces up to 100g/Km CO2 has free VED (road tax). 101-110 is £20 111-120 is £30 annually. Then it jumps to £125 for the next band.

Internal combustion vehicles registered on or after 1 April 2017 are charged at £145 and upwards.

https://www.theaa.com/driving-advice/driving-costs/car-tax

I prefer to own my own vehicle, many of my work colleagues have them on finance / lease / pcp

There's pros and cons of both.

My 2016 Peugeot 108 5dr (current value £5000) costs me £180 annually for insurance (I'm 46), £40 for an MOT test, £0 Road Tax, £90 for a service at a local garage (not a main dealer) £40 breakdown cover annually

I do 4000 miles a year and cost that at 10p per mile for petrol. £400

Total for 1 years motoring (excluding depreciation in value of car) and any unexpected repairs.

£750

This works out more cost effective than finance for me.

Car_54

The biggest ‘hidden’ cost is depreciation.

alembicbassman

Car_54 wrote: »

The biggest ‘hidden’ cost is depreciation.

True: A vehicle loses, on average, 50% of its new list price in the first 3 years. If you're buying a used car get a 3 year old one. After 3 years the depreciation slows down.

The list price on my car new was £11'500, I bought it at 3.5 years old from a dealer for £5110 with 18k miles.

If you keep a vehicle in good condition you can mitigate the depreciation.

AdrianC

Beyou wrote: »

Also, does the Smart Fortwo Cabrio have no road tax?

"No road tax" doesn't mean "You don't need to do anything about road tax." You do - you still need to have the car taxed at all times it's on the road, and if ever it's uninsured or without MOT come renewal time, you need to SORN it.

It's just that taxing it costs £0. But you do still need to do it.

tacpot12

You didn't mention breakdown cover (although alembicbassman did).

Ectophile

Car_54 wrote: »

The biggest ‘hidden’ cost is depreciation.

That's effectively what the cost of the finance is, these days.

Scrapit

Washing it and putting things in it: air fresheners, fluffy dice, sat nav, decent tunes etc.

neilmcl

tacpot12 wrote: »

You didn't mention breakdown cover (although alembicbassman did).

Often not required on a new car (assuming this is one).

knightstyle

We have a Smart for2 cabrio and love it! 14plate and the tax is £20 a year I think. One thing to be aware of is avoid the fuel saving MHB as it is problematic. There was a major upgrade in 2015 and the later cars are much more comfortable. The access to the boot in the cabrio is height restricted so not so convenient as the coupe. We have got two bales of straw in the coupe but can't get even one in the cabrio.