The Rise in Fuel Prices

Fuel prices are creeping up every day prompting every new car buyer to think about the effect of increasing fuel price . This is a matter of grave concern for individuals eagerly waiting to purchase a car. For such people, it is the total cost of ownership that remains their main worry. It involves a lot of other aspects. These in turn go a long way in adding up much more than the fuel cost. It consists of things like:

  • Maintenance and
  • Other incidental costs,

Rising fuel costs have far-reaching consequences

If you are worried about prices of petrol and diesel going up, you ought to know how rising fuel prices can impact you.

When people buy a small car loaded with brilliant features, it costs them a significant amount. People buy them through EMI schemes. This casts an additional financial burden in the form of interest charges. As time progresses, the real value of the car depreciates further.

In such circumstances, bearing in high fuel expenses does not sound good. On account of this, unless the costs come down sharply, it is wise to wait. Of course, if there is an emergency at your end, buy a car having better mileage.

Avoid being brand conscious

Remember, the impact of high fuel prices on the economy will influence the brand you choose.

Having your favorite car brand is a wonderful idea. Nevertheless, please do not include the brand involved as your sole criteria.

Yes, undoubtedly a good brand with enviable features can enhance your social image. Instead of opting for social validation by buying a car that consumes more fuel, settle for better alternatives.

For instance, you can opt for used cars. They are available almost 30-40% less than a new car.

Choose fuel-efficient cars to avoid fuel expenses

The impact of increase in petrol and diesel price in your family and monthly budget can better be understood when you know how fuel-efficient cars can give you a helping hand. Not every new car buyer intends to use the car for long-distance commutes. Most newcomers drive fewer distances in a month. 

This is where buying a fuel-efficient car can do the trick for you! For instance, you can reap great mileage and it will translate into reduced fuel expenses.

With a drastic rise in disposable income among middle-class individuals, fuel expenses do not have a bearing on their car buying decision. The regular fuel hikes do not bother them at all. This is why they are more than willing to buy new cars or change cars very frequently.

Opt for cars that demand lower maintenance costs

Well, you do not have control over fuel costs. They will see abrupt fluctuations depending on how the economy is functioning. Nevertheless, you do have control over ending up with fewer maintenance costs. Go for a new car that warrants fewer maintenance costs.