Annual expenses that car owners should know

It is certain that in addition to fuel and car installment expenses, there are additional expenses for those who would like to have a car as well. This time, ACU has gathered the annual expenses that car owners should know. Let’s take a look at the details together!

Car Installment Expenses

Car installment is something inevitable for those who do not pay the total amount in cash. Car installment is a monthly installment in which each type of car has a different installment time and a different payable amount as well.

Those who plan to purchase a car should plan the expenses well because if overdue, the car may eventually be confiscated. Therefore, it is best to pay the installment on time.

Automobile Tax Renewal Expenses

The annual Automobile Tax renewal expenses are inevitable for those who own a car. The 1-5 year tax rate will be fixed, while vehicles with a lifespan of more than 5 years will have lower tax rates. If the tax renewal of the car is missed every year, it will be subject to a 1% fine per month until the date of payment. If the automobile tax is missed for three consecutive years, the license plate will be suspended. They have to apply for a new license plate and are also charged retroactive tax.

The tax rate of the car depends on the size of the engine, the type of car, and the age of use of the car. For example,

Sedans, Pickup trucks, SUVs, and private cars with no more than seven seats.

1 – 600 cc pay 0.5 baht/cc
601 – 1800 cc pay 1.50 baht/cc
1801 upward pay 4 baht/cc

Car maintenance Expenses

When cars are used regularly, some spare parts are damaged and each car part has a different lifespan time. When used for a long time, maintenance should be done for the efficiency and safety of the car users.

The cost of maintaining each car varies, but more importantly, the car mileage should be checked every 6 – 12 months or every 10,000 km, and fluids in cars should be changed, including engine oil, brake fluid, and gear oil. to check for abnormalities in the car and prevent accidents.

Car Insurance Premiums

Insurance expenses are another necessary expense for people who have a car because when an accident occurs, insurance will greatly reduce the expense burden. The insurance company will be responsible for the repair costs.

Automobile insurance offers a wide range of options, ranging from compulsory insurance, Act, to voluntary insurance companies such as 1st, 2nd+, 3rd+, and 3rd grade insurance depending on the needs of the car owner.

Car Act Expenses

For Insurance Premiums, the Car Act is considered compulsory automobile insurance under the Road Accident Victims Protection, 1992 which acts as a requirement for all vehicles of all types to have because if there is an accident, drivers, passengers, and outsiders will be protected.

For the expense of Car Act per year, a sedan with no more than 7 persons is 645.21 baht, a pickup truck weighing no more than 3 tons is 967.28 baht, and a van with more than 7 persons but no more than 15 seats is 1,182.35 baht (including revenue stamp and VAT).

Other Miscellaneous Expenses

And lastly, other car-related expenses such as parking fees in case you do not have any parking spot or parking in the shopping malls and airports, etc. There will also be tolls such as expressways, car wash, car accessories, and fines.

As you can see having a car costs a lot of money, so cost allocation should be well planned so that there will be no financial problems in the future.

References from

innnews / tqm