Hidden Costs of Purchasing a Brand New Car

Ahhh the smell of a new car. There is nothing like it. FOLK COATS FASHION And the feeling of driving away with a brand new vehicle that no one has ever owned is like no other. At least they’re telling me that. I never bought a brand new vehicle and I do not think I will ever do that. There is nothing wrong with spending your money the way you find it appropriate to spend your money. In fact, buying new can even make economic sense depending on the tax laws and other factors. I just think a brand new car generally has hidden costs that I would rather not have. Below are 3 hidden costs that you may not be aware of. fashion style and trends

According to Edmunds.com, “a new car loses 11% of its value when you leave the car park”. If you just bought a car worth 30,000, you lost $ 3,300 in value by just driving it home.

Newer Cars are More Expensive to Insure Than Older Cars:

For the first five years, it loses 15% – 25% in value each year. Wait a year for the same vehicle and you may save $ 7,500. The thrill of being the first owner is not worth $ 7,500 or even $ 3,300 for me.

  1. In general, newer cars are more expensive to insure than older cars. This is not a hard and fast rule, but in general, it is because newer parts are more expensive to replace than older parts. It is a good idea to look at how much it will cost to insure the vehicle you want to buy to see how much extra you will have to pay for car insurance.


Buying new usually means buying in installments. While interest rates are extremely low for car loans right now, you are still paying thousands of dollars more than what the car is worth.

The Hidden Costs of Buying a Car:

The old-fashioned way of buying things – saving until you have enough money to buy cash – still has value. Buying cash can save you thousands of dollars every year. Credit has its place in our economy, but if you can wait to buy a car with cash, you will save a lot of money.

Financing costs. Unless you are buying a car in cash, you need to take out a loan including financing costs. …

VAT. All cars, both new and used, are subject to VAT. …

Registration and ownership. …

Dealer costs. …

Car insurance costs. …

Fuel costs. …

Maintenance.

While buying a brand new car can be exciting and fun, it may not be the most practical thing to do. Especially in difficult economic times, a saved krone is an earned krone. And resisting the urge to buy something new saves you a lot of money!

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