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True Cost of Owning a Car in Philadelphia

By: John England

 

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Owning a vehicle may offer convenience but it can be quite expensive to maintain, especially if you’re using it for business. The benefits it offers to individuals are great, but sometimes, the pockets can feel a bit lighter as the expenses rack up.

As things stand, owning a car in a large city is challenging, and owning a car in Philly can set you back around $11,000 over three years. Be aware that this number will only increase as your mileage goes up. However, to give a total estimate of how much your car costs you on a daily basis would be impossible.

Still, there are some universal costs that can be reduced if you play your cards right. Of course, we are not talking only about fuel costs to get you to Independence Hall. Continue reading as we tackle the two most common and priciest costs.

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Insurance costs

We are all aware of the value vehicles bring in our lives and it’s only normal that we want to protect them from unexpected events such as damage, breakdown, or collision.  If you are not a vehicle owner, reading about how important insurance is, you are probably thinking it costs an arm and a leg, but that’s not always the case.

The minimum car insurance in Philadephia should be around $101 per month or $1,212 annually. Now, all of the insurance costs will depend on your policy and your insurance company of choice.

Although it might be difficult to find insurance that will satisfy your needs, it’s never impossible. Nowadays, getting the right insurance is as easy as ABC. Instead of taking the trip to the insurance company’s office, you can pull out your laptop, brew a nice cup of coffee and do it over the internet.

There are many websites that can help you shop car insurance by comparing various quotes and finding the rates that fit your budget. Knowing that your vehicle is insured will give you peace of mind, whether you are on the road, or your car is parked in the driveway.

What to do when repairs are out of the question

Of course, there will come a time when replacement parts just won’t cut it anymore. Driving a vehicle that’s not in perfect condition is extremely dangerous to you and other traffic participants.

You might be thinking that as soon as your vehicle is on the outs, there is nothing you can do but let it catch dust in the garage. However, you can make a substantial profit out of your junk vehicle.

You can sell your junk car in Philadelphia for instant cash easily. All you have to do is find the right scrap car service. To make sure that you generate a substantial profit, prepare all the documents and make it convenient for the buyer. You can also talk with the junkyard employees about stripping and selling the parts of your car individually. But, this might be a lengthy process and you will likely need quick cash to help your new vehicle budget.

Maintenance cost

As the mileage of your vehicle increases, so does the need for maintenance. If you are driving your car on a daily basis, it’s more likely that it will suffer some sort of problem or a complete breakdown eventually.

The average annual cost for vehicle maintenance is around $1,100. Of course, if your car is very old that number might skyrocket. The reason for that is part scarcity. Maybe your make and model are very popular and there are still producing parts but even with that, you will have to consider your options carefully.

For example, you can either go for OEM parts or aftermarket parts. OEM parts are regarded as part of quality, but there are some that state that you are only paying exorbitant prices only for the packaging.

Aftermarket parts are what you will probably get if you visit your local repair shop. Of course, your budget will ultimately decide the parts you will procure for your vehicle maintenance.

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Rising day-to-day costs

5 years ago, it was much cheaper to own a car. Fuel costs would usually cost you about $20 to $40 weekly. But with the current economy and fuel crisis, you will be looking at a much higher number.

Individuals now opt to use public transport rather than their own vehicle, ditching convenience and opting for the economical option. While of course, your professional schedule might not allow you to commute to work by public transport, it’s always good to use it whenever the circumstances allow you to do so.

Bottom line

Vehicles are our most prized possession and getting the right insurance and maintenance is the ultimate goal for most of us. Some might argue that owning a vehicle in today’s economy is ludicrous, especially in Philadelphia, the town that is ranked as the 5th best city when it comes to public transport. But, some individuals love the privacy and convenience vehicles offer.

Of course, there are some high costs involved but it’s always better to be safe than sorry.

There will come a time when repairs are impossible or financially unfeasible. But, that doesn’t mean that you are out of options, you can always junk your car for quick cash.

Published: September 27, 2022
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