How Much Does Your Car Really Cost?

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Written by Michael Foote, founder of Quote Goat, has over 13 years experience working in the finance, insurance and currency sectors.

For most people, the cost of their car is simply the price they pay for it. At least, that’s what they think. When people buy a car, their only cause for concern is the price tag advertised by the dealer. So, they walk away thinking they’ve got a good deal, but how much does their car really cost?

The fact is, there are loads of additional things that come together to form the true cost of your car, and we’re going to look at them right now:


Cars need fuel, or else they won’t be able to go anywhere. While fuel prices are dropping, it’s still a regular expense. Most people will fill their car up with a full tank at least once a month, sometimes more often depending on how much you drive. You could easily spend a hundred pounds a month on fuel, which equates to £1200 a year. Your car plays a big role in how much you spend as a real gas guzzler will burn through fuel very quickly. If your engine isn’t efficient, you will spend a fortune on fuel, making your car more expensive than it first seemed.

Car Insurance

This is a big one as you need car insurance to be able to drive your car. Fail to get insurance, and you will be breaking the law the second your tyres touch the road. There are many types of car insurance out there, and you can compare your options with Quote Goat. The cost of insurance fluctuates depending on many different factors too. If you’ve had a history of car accidents, your insurance will be more costly than someone with no accidents to their name. Age also comes into account, as does the car you’ve bought. So, you may think you’re the man for buying a car with a big engine at a decent price, but you will have to pay more insurance than if you got a smaller car with a smaller engine.


Finally, we have repairs. When you buy a car, particularly a used one, it may need a few repairs here and there to touch it up. A lot of the time, we forget to calculate the repair costs when buying the car. You see a really good deal and snatch it up right away, only to realise you have to pay for various repairs that make your purchase more expensive than you thought.

All in all, your car can cost a lot more than it may seem when you look at the price tag. Thankfully, you can find ways to keep these extra costs down and make your car as cheap as can be. Things like insurance can be brought down to lower prices if you’re a careful driver and choose a safer car. Fuel costs can be lowered if you’re a more economical driver or simply buy a more eco-friendly car with a good engine.

The whole point of this little article is to show you that there’s more to a car than its original price. Be aware of this, and you will soon be able to buy a car that’s truly affordable.

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