Five Ways a Car Can Bleed Your Wallet

Some cars are famous for costing their owners more money than others. The Ford Edsel comes to mind right away. Other cars have hidden costs that can cause a slow, but steady trickle of cash that owners may not even be aware of. Here are a few car types that can suck your wallet dry.High insurance costs are one way for a car to bleed you. Before buying any car, you should talk to your insurance agent about how much it is going to cost to insure. Some cars are known for their high maintenance costs. Cars like this are pretty well documented online, so, again, do plenty of research before you buy. Cars with every possible option are nice to have, but you will never recover the cost of those options when you trade the car in. They are also a source of additional maintenance costs. Luxury cars will depreciate much to fast, putting you upside down on your loan quickly, thus bleeding you dry if you have an accident. Inefficient fuel usage can cost you thousands of dollars while you own it. It may not sound like much, but just 7 mpg can cost more money than the car is worth in the long run.

Your best protection against excessive after-purchase costs is research. Always spend at least an hour looking at the stats for your potential costs. Talk to your insurance agent as well, whether you need something as relatively affordable as Mini Cooper insurance or as expensive as Audi A4 insurance. You are the only one on your side when you buy a car, so watch your back.


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