We are all aware that a vehicle represents an extremely important financial investment. This is why a great deal of thought is focused around basic factors such as its initial price as well as the cost of insurance. However, answering these questions might not always provide us with the bigger picture. There are several other metrics which need to be taken into account if you hope to make an informed decision. Perhaps one of the most critical is where you are currently residing. Much like the costs associated with a specific property, vehicular expenses can vary widely between different cities. Let’s take a closer look.
The Most Expensive (and Cheapest) Cities to Own a Car
Cost of living is always taken into account when considering which city might be the most appropriate for your lifestyle. This basic concept can also be translated into the world of car ownership without much difficulty. Two of the most critical variables in this respect are the cost of insurance and how much you will be obligated to pay in order to obtain a resident’s permit. So, it should come as no great surprise that some cities were far more expensive than others. The top three costliest metropolitan areas in terms of owning a car are currently:
- Birmingham (£3,326.87 pounds).
- Manchester (£2,994.36 pounds).
- London (£2,921.12 pounds).
As we can see, the physical size of the city and its number of residents do not always correlate with the highest prices. Having said this, here are the three most cost-effective areas to own a car:
- Newcastle (£1,879.11 pounds).
- Southampton (£1,700.22 pounds).
- Exeter (£1,675.75 pounds).
We can therefore begin to appreciate the disparity between different locations. However, it is just as important to point out that insurance premiums and residency costs are not the only factors that the team at Kwik Fit have addressed. There are other variables that can have a massive impact upon how much you can expect to spend.
Addressing the Finer Points
Accurately calculating the cost of ownership required us to address ancillary factors which the average citizen might not necessarily take into account. These included:
- The cost to fill a 55-litre petrol tank.
- The hourly rates associated with on-street visitor parking.
- Common car servicing fees.
- Annual MOT inspections.
So, it is now clear to see that a fair amount of research will need to take place if you hope to estimate how much your vehicle will cost to own and operate. This is why it is important to take a look at the finer details as well as the location in question if you hope to make an informed conclusion. As always, the professionals at Kwik Fit aim to provide you with the most updated and relevant suggestions to save both time and money. Please feel free to contact us if you happen to have additional questions.