As a student, there is the need to own a ride when we look at the challenges that confront students when they want to commute from one place to the other. It may be the daily ride from home to the college or from college to your work, or something like this. We understand students have a lot to do and time management is important. That’s the reason why students use sites like this to manage assignments, listen to audiobooks instead of reading, and drive instead of walking.
However, there is the need for every student to take stock of what is involved in owning a car. What are the cost implications? Which brand is ideal for students? There are several other questions that we are going to answers during this article. At the end of the day, we are going to establish the place of owning a car in the life of every student on campus.
How expensive is it?
The statistics in Canada goes to show that transportation is the second-largest expenditure for the average Canadian household. In the year 2018, the Canadian Automobile Association (CAA); shows that 67% of Canadians did not know how much a car costs. Many students are in debt because of the increase in tuition fees and several other expenses that come the way of students. Do you need the luxury of a private ride? Can you cope with the burden of owning a ride?
The financial implications should be sorted out before delving into owning a ride.
You must consider several other factors that come with owning a ride before you take the step of buying a ride. The cost implication did not end with paying for the value of the car. There are other factors which we shall be considering now.
Parking and tires
The costs of the two will vary; it depends on where you are living. If you do not have a private parking space and you rely on your school’s space; then you have to pay more for this. What you are going to pay on parking permits will add to the expenditure on the car. You can bring down the price by using residential parking streets. In that case, you have to trek some distance to your school.
Talking about tires, if you live where snow is common, then you will need special winter tires which might be costly. It is best to invest in these tires because they will help guide you against accidents when you are moving on the road.
Decline in value
No matter the efforts put in maintaining your vehicle; wear and tear of the moving parts will set in. When this gradually sets in, you are expected to cough out some amount in putting the car in order. The cost of maintenance is the highest that you will face when you get to own your car as a student.
The nature of the car you bought will determine what you are going to spend on the car. Where the second-hand car is in top condition, the level of depreciation will be slower and you will end up spending less on the car.
Accidents happen when it is least expected. The money involved in the purchase of the can should be given a measure of protection against the unexpected through accidents. You are going to spend some amount on insurance cover on the car. Invest time in understanding the discounts that come with each of the cars before you partner with any broker. If you are smart in doing this, you are going to bring down the costs of insurance premiums.
Another cost that comes in when you own a car is the registration fees which you can easily forget to include in the cost factor. It is mandatory to renew the vehicle’s license plate sticker each year. When you fail to do this, you are going to fall victim to the traffic laws in Canada.
The costs that come with this varies per your location.
This is going to vary depending on the nature of the car that you are investing in. Where you buy a new car, the costs will be reduced. If you purchased a used car, the state of the car will determine what you are going to spend on maintenance costs. You must make adjustments for routine and general maintenance costs in your budget. It is important to search for and locate a reliable auto expert that will give you quality service delivery at a fair price.
Some of them offer attractive discounts that will bring down the costs of the rooftops.
If you have a fair knowledge of how to go about servicing the vehicle on your own, it will bring down the costs. We are in the digital era of things. You can get all the briefs you need online through YouTube videos. For students that did not mind getting their hands dirty, they will save thousands of dollars if they undertake the process of DIY.
We are going to stop at the consideration of the amount that will be spent on gas. With the lifting of restrictions that have kept people indoors for some while now, you must factor in the cost that you are going to spend moving around from one place to the other. The frequency of your movement will determine how much that you are going to spend on gas.
What is the estimated distance that you are likely to travel in the year? What is the expected fuel economy? Take into consideration the average cost of gas in your area. The combination of this will go all the way to give you an idea of what is required to get the estimated cost that you are going to spend on gas in the year.
Having gone through the factors stated above; it is important to state here that students should look into the cost factors before choosing any model of ride. There is a car out there that is ideal for your budget if you are interested in having a personal ride.
You are going to have some measure of convenience if you invest in a car as a student. But you must consider the cost implication of the car before investing in any of the models. If you are to buy a used car; it should be in fairly stable condition. The fuel consumption of the car is another factor that you must consider.