How Much It Actually Cost to Own A Car in Jamaica

How Much It Accutually Cost to Own Car
Many Jamaicans do not know the real cost of automobile ownership. We here at Autoinfoja feel the need to educate our customers, as this will allow them to make smarter purchases and be far more comfortable in owning and maintaining their vehicle.
The cost of ownership goes way beyond the price tag and loan payments. This cost extends to the maintenance of the car and other items related to the car. Maintenance includes the following;

- Insurance
- Licence and registration
- Fuel
- Servicing
- Parts
- Cleaning
- General Care

Insurance is a necessity by the laws of Jamaica. If one has comprehensive coverage, it will be about 5% of the vehicle price for well qualified customers. Most customers will have to pay 10% of the vehicle price. Insurance is an annual charge that is either paid out at one time which is costly or using a payment scheme which will be more expensive over time than the onetime payment. This must be available before a loan is granted.

Licence and registration of the vehicle includes paying for the licence plates for the car, the registration disc, certificate of fitness and the transfer of the title. These charges are normally $10,000 per year for smaller cars and closer 25,000 for larger vehicles.

Fuel is an ever increase cost. We are yet to be driving electric or solar cars that have no need for fuel. The average car in Jamaica has a 50L tank and averages 25 mpg or 8.85 km/L. The average Jamaican can drive 2,000 km per month. That would then mean that they would use up 4.5 tanks of fuel and can be buying over $20,000 worth of fuel per month.

Servicing a vehicle is vital to keeping the car in the best running condition and will increase the resale value of the vehicle. Basic service is required every 3 months. A general service might be required every 6 months. A special general service might be required every 12 or 24 months. A basic service can cost under $10,000, a general service can cost up to $50,000 and special general service can further increase the cost and be closer to $100,000. This of course depends on the brand, model, grade, engine and transmission. The European brands would cost more than the Japanese brands.

Parts go hand in hand with servicing and have a particular time period or mileage in which it should be replaced. The parts not only cover service parts such as filters, brake parts and suspension parts but also include tires, wipers, bulbs, fuses and others. If the vehicle is damaged in any way, then those parts will need to be replaced.

Cleaning the car is yet another cost. It can be limited by doing it yourself. However if you are not aware of the right procedure for cleaning your vehicle or have the rights tools and lubricants, you could cost yourself more to fix the mess you have created or over time could cause irreparable damage to the vehicle. If you go and get it done professionally it could cost between $1,000 up to $10,000 per visit.

General care is speaking to the driving style, level of maintenance and ability to avoid accidents. If this is monitored properly then the vehicle will attract the maximum resale value.
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