"When most people think about buying a car on finance, the first thing that comes to mind is the monthly repayment. It's really easy to focus on that single figure, because it looks neat and predictable. The reality, though, is that the true cost of running a car stretches much further. Insurance, servicing, tax, and maintenance can all creep up in ways that turn what seemed like an affordable deal into a much bigger financial commitment."
"For many households, insurance is the piece that catches them off guard. Premiums have risen steadily in recent years, and when combined with the fixed repayment of a finance agreement, the two costs together can feel like they're eating into far too much of the monthly budget. The good news is that there are practical ways to keep both car finance and insurance under control, so they fit more comfortably into your household spending."
"That might sound discouraging, but it doesn't have to be. The flip side is that financed cars also tend to come with modern safety features, better security systems, and improved fuel efficiency, all of which insurers may reward. In other words, while the upfront premium might be higher, there are still ways to make the numbers work in your favour."
Many buyers focus on the monthly finance repayment, but total car running costs include insurance, servicing, tax, and maintenance that can significantly increase expenses. Insurance premiums have risen, and lenders often require fully comprehensive cover for financed cars, which can narrow available policies and raise costs. Newer vehicles, higher insurance groups, and added features typically increase premiums, while modern safety features, improved security, and better fuel efficiency can earn insurers' discounts. Combining fixed finance repayments with rising insurance can strain household budgets. Practical measures exist to manage both finance and insurance to better fit household spending.
Read at London Business News | Londonlovesbusiness.com
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