8 October 2018

Buying a New Car? What Factors Influence the Cost and How to Keep the Cost Down

A Modern Convenience

The vast majority of American households have at least one car. Cars provide a modern convenience to people, who rely on their vehicles for a variety of purposes - the daily commute, the school run, visiting family and friends, shopping; American people love their cars.

But sooner or later the time will come when you want - or need - to buy a new vehicle. However, you should take the time to consider what factors influence the cost of buying a new car in order to get more bang for your buck.

Insurance Premiums

These factors all have a bearing on your vehicle insurance premium- one of the most variable costs when purchasing a car.

   The Age of the Driver - Younger drivers pay much more to insure their vehicle - particularly if they are buying a new car. This is often a hidden cost for young people who haven’t considered all the different options.
   License Points - Points on your license can have a huge effect on the price of your premium - especially if you are a younger driver.
   Annual Mileage - The higher your annual mileage, the higher the price of your insurance!
   Geography - The local geography in which your car is registered influences the cost of your car insurance. Factors such as the prevalence of crime in the local area are taken into consideration.
   Profession - Your car insurance premium may be greater if your work requires regular travel.
   Marital Status - Strange as it may seem, your marital status can have a bearing on the price of your insurance.

Time of Year

In addition to the cost of insurance, the cost of maintenance on your old car should be considered when choosing when to buy your new car. More inclement seasonal weather can lead to breakdowns and high repair costs. As fall goes into winter, the onset of bad weather can put stress on an older vehicle. The number of breakdowns goes through the roof in the colder months of the year. Therefore, making an investment in a new car before the winter months can actually save you money in the long run.

There are many factors which affect the overall cost of buying a new car. Your insurance premium often represents one of the most significant and variable of them all. However, the cost to insure a brand new vehicle may be disproportionate to your expectations.

Therefore, why not replace your old car with a quality used car? This can represent a good and cost-effective investment. Used cars are easily available online from trustworthy suppliers such as AA Cars, and they often give you much more bang for your buck.

You may not be able to change your age or life circumstances to reduce the overall cost of buying a car, but looking for a quality used car may help you to get great new wheels for less!

What are your next wheels going to be?

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