Which of The Following is Not a Cost Typically Associated With Owning a Car?

one reason to buy a home instead of rent a home is:

Owning a car is sometimes a necessity and sometimes it for luxury and social status. The price range in cars is huge and it can come in a few hundred dollars to even millions. The owning of the car comes with certain costs incurred with it.

People often get confused with this cost and often confuse them with few costs that are not related to owning a car. So here are some terms that are related to owning a car, in this blog, we would in detail explain each term and weed out the one which is not a cost associated with owning a car, their common terms are:

Which of The Following is Not a Cost Typically Associated With Owning a Car?

Now as we know the options let’s get the detailed explanation in each case:

someone may choose to own a car instead of leasing because:

Fuel:

A car or any vehicle for that matter is a machine that needs fuel for its machinery to work and run smoothly. No car can operate without fuel, whether it is a cost-effective cheap car or a multimillion dollar-priced Royce. Whether it is running on gasoline or is an electric car it needs the fuel in the form of gas or current to run. So this is a must-have commodity for any car irrespective of the price. The cost of fuel is always associated with the owner. So it can be established that the fuel is an essential cost attached with the car.

Insurance:

which of the following is not a cost typically associated with owning a car

Car insurance is a protection to the car owner in case of any mishappening like theft, accident or fire. In almost every country around the globe, car insurance especially third party insurance is a must. There are many types of insurance from which the car owner can choose his or her best option. There is insurance for theft that protects the owner in covering the car’s cost and loan in case the car is stolen.

There is zero deprecation insurance and there is insurance for any damage caused to the car. There is third party insurance in which if any person is hit by the car, they can be paid the composition with the insurance money. Hence this cost is also attached to owning a car. So here too the answer is yes insurance is a cost associated with owning a car.

Wear and Tear:

which of the following statements about renting & owning is correct?

Wear and tear is an avoidable expense. As the car ages and also because of the usage of the car the wear and tear happens. But this is not a cost associated with possessing a car. The wear and tear are not incorporated with commitments from the manufacturers also. Also if the owner does not take care of the wear and tear the productivity of the car is not affected. While if the owner ignores fuel, insurance or maintenance the car can be affected and even cease to operate.

Without fuel your car would not run, without insurance by law you cannot run and also if any damage or accidents you would lose substantial money and would also be a criminal offense, if not done maintenance properly the car may get permanently damaged. That is why wear and tear is the correct answer for this question or blog.

Maintenance:

which of the following statements about renting & owning is correct?

Every car needs routine maintenance and service. Maintenance plays a very essential and crucial part of the smooth running of the car and its longevity. Often when we buy a new car for at least one or two years the maintenance is free for the car, depending upon the company and the model. This service is usually done in the company’s service centers where you brought the car. Even if you are out of the town or state still you can get your car serviced at the authorized service centers of your car’s company.

But still, we have to shell out money for services like oil, filter, labor, etc. But this cost is also associated with owning the car. So again the answer is that this option is also associated with owning a car.

Conclusion:

Now we know that wear and tear is not a cost typically associated with possessing a car. So now you know the insight to which of the costs are a must-have. Also, we have covered the importance of the above-said options and the impact they would have on the car and its owner. Before owning a car it is important to understand the rules, laws, and procedures attested to it.

When we have a thorough knowledge of everything associated with owning a car, we would never fall into any sort of trouble and our car would also have a smooth run and have a great resale price even. So drive safe and live long.

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