The decision to purchase a car is a major financial milestone for most people. On average, the price of a new car in Europe ranges between 20,000 € to 40,000 €, with luxury or high-end cars surpassing this range. Buyers should also consider the depreciation rate. A new car's value tends to drop significantly in the first few years, while used cars have a slower depreciation curve. In fact, cars are often said to lose as much as 20 % of their value as soon as they drive out of the dealership. So the road to car ownership starts with an important question. Is it better to buy a brand-new car, which might not need much maintenance and is easier to insure? Or are you better off hunting for a used bargain and making peace with higher repair costs? Food for thought.

Owning a car means complying with the latest rules and regulations before you embark on the road. Car tax payments, registration fees, obtaining licenses, and the paper trail that comes with them are all part of the day-to-day life of a car owner. In terms of insurance, comparing quotes from different companies is essential if you're looking to maximize savings. Costs are often influenced by location and age, particularly for novice drivers under the age of 25. On average, car insurance will set you back 1,000 € annually. Depending on where you live, you may also have to pay for parking at home, work, and when running errands. Monthly parking fees can range anywhere from a few to hundreds of euros. Additionally, parking tickets and fines can become a regular expense if you're not careful. It's important to budget for these costs to avoid any financial surprises.