Buying a car is a dream of every person. A lot of people think it's necessary. But the truth is that even after buying a car, many small and big expenses add up. Many times people do not understand these costs in advance. After that, the costs begin to increase.
Therefore, it is vital that you get the total taken of the car before buying it. This article explains the same information to you in simple language. Here you will know what else you have to spend money on besides the starting price of the car. Also, you will know how you can reduce the burden on your pocket by planning properly.
The initial Cost of car ownership in Hyderabad
Whenever someone thinks of buying a car, his eyes first go to the showroom price of the car. But the reality is quite different. A variety of charges and charges include up to the add up to Cost of car ownership in Hyderabad.
What is the on-road price?
On-road cost is the cost you pay the dealer to take the car domestic. It is higher than the showroom price because it includes many more things.
These include:
- RTO Registration Fee
- road tax
- insurance
- Handling Charges
- FASTag Charges
If all these are added, then the price of the car increases by 10-15% at times. For case, if the ex-showroom cost of the car is 6 lakh, the on-road cost can effectively reach near to 7 lakh.
Increase in the cost of a car loan
Many people take out a car loan so that the car does not have to be taken by spending a large amount of money at once. But you also have to pay interest on the loan. The interest rate on car loans in Hyderabad usually ranges between 9-12%. This means that in a loan of 5-7 years, you pay more than the original price.
The cost of fuel
Fuel is the biggest expense after buying a car. In a big city like Hyderabad, every day activity includes this expense.
Petrol and diesel prices
In Hyderabad, petrol costs frequently float between Rs 107-112 per liter. Diesel is usually a little cheaper, but it too keeps increasing.
Also read :- Fuel Prices Rising? See How Hyderabad Drivers Are Adapting
How does the everyday commute include the cost?
If your day by day commute to office is 20-25 km, at that point Rs 7,000 to Rs 10,000 is comfortably spent on fuel alone each month. If you have to spend more time in traffic, then this expense increases further.
Cost of maintenance and servicing
Regular support is basic to keep the car in great condition. If the car is not serviced, the life of the car is decreased and the fuel utilization is also tall.
Cost of regular servicing
- A small service: About Rs 3,000-5, 000
- The Great Service: Rs 7,000-10, 000
This increases the cost of older cars. The more seasoned the car, the more costly the replacement.
The taken a toll of replacing tires and batteries
- Tyres: Rs 4,000-7, 000 per tyre
- Battery: Rs 4,000-6, 000. These costs come each 2-3 a long time, so they should too be taken into account.
Cost of insurance
Car insurance is mandatory in India. Driving a car without insurance is like paying a fine. The cost of insurance in Hyderabad depends on the model, engine and safety features of the car.
Types of insurance
Third party insurance provides only legal protection.
Comprehensive insurance - Both your car and someone else's car are covered. Most people take comprehensive insurance because it is more secure.
How much is the annual cost?
The premium for a small car is often between Rs 8,000-12, 000. This can be increased for larger cars.
Cost of parking and tolls
The cost of parking in a city like Hyderabad also cannot be ignored.
Parking charges
- Parking lot: Rs 30-60 per hour
- Office Parking: A monthly pass is regularly required. Parking is costly and difficult to discover in crowded regions.
Toll Tax
If you take the quick access highway route, you also have to pay a toll. These expenses can also reach Rs 1,000-2, 000 every month.
Value depreciation (decrease in the value of the vehicle)
The price of a car decreases every year. This is called depreciation. The value of the car decreases by 30-40% in the first 3 years. After 5 years, the price of many cars is halved. This means that when you sell the car, you will not receive the full amount of your purchase price.
Hidden costs of owning a car
Having a car also has some expenses that you don't think of before. These include:
Car Wash and Cleaning, Accessories, Puncture Repair, Air purifier or car perfume, The small losses that sometimes occur. These costs seem little, but include up to Rs 5,000-10, 000 all through the year.
Do you require a car?
Before you purchase a car, inquire yourself the taking after questions:
- Are you on a long day by day commute?
- Is public transport not enough for your work?
- Do you need a car for your family?
- Are you able to oversee your regular expenses?
If the answers to these questions are yes, at that point buying a car can be a superior choice.
Ways to Reduce Cost
You can reduce the cost of the car by planning a little:
Serve on time. Choose the right insurance. Drive your vehicle carefully. Reducing the need for unnecessary driving. Choose a fuel-efficient car model. Make use of the carpool. These small things can greatly reduce the cost of the year.
Conclusion
It is not easy to Cost of car ownership in Hyderabad. The price of the car is only a part of it.After that, fuel, servicing, protections, stopping and many other costs keep expanding continuously.
Therefore, it is vital to have total data before buying a car. If you make the right arrangement according to your budget and needs, at that point the car can make your travel simple and comfortable. Proper arranging is the genuine secret of car ownership.
