Etini
Valued Contributor
For some people, when they want to buy a car, the only factors they check is the engine, the purchase price, and the body of the car. There are other factors about your choice of a car that would affect you financially in the long or short run. Let's look at these factors that might have a bearing on your finances as regards your choice of a car to buy.
1) Costs of fuelling the car: This has to do fuel efficiency of the car and it has a direct financial bearing on you. You won't want to go buy a car that would gulp all your funds to fuel it for a small inter city drive.
2) Cost of Insurance: Different car models and conditions attract different costs to insure such a car. You must weigh the insurance cost of your car against your personal financial level to see if you can afford that particular car.
3) Deprecation and Cost of Maintenance/Repairs: You wouldn't have to own a car and spend so much money on repairs everyday because the model has high rate of depreciation and cost of repairs is very high.
4) Resale Value: Some cars have good resale value offering you the chance to recoup something substantial from the car when you want to re-sell. You wouldn't want to buy a car that can only be resold as scrap.
1) Costs of fuelling the car: This has to do fuel efficiency of the car and it has a direct financial bearing on you. You won't want to go buy a car that would gulp all your funds to fuel it for a small inter city drive.
2) Cost of Insurance: Different car models and conditions attract different costs to insure such a car. You must weigh the insurance cost of your car against your personal financial level to see if you can afford that particular car.
3) Deprecation and Cost of Maintenance/Repairs: You wouldn't have to own a car and spend so much money on repairs everyday because the model has high rate of depreciation and cost of repairs is very high.
4) Resale Value: Some cars have good resale value offering you the chance to recoup something substantial from the car when you want to re-sell. You wouldn't want to buy a car that can only be resold as scrap.