Keeping a car on the road can certainly be a major cost to cover even for those with a decent salary, but you should know that there are all kinds of different ways to make owning and running a car more affordable and this could make a big difference to your monthly finances as well as long term financial health.
Lease Instead of Buy
Leasing is one of the best money-saving tips on your car and could save you thousands. This is because you do not have to worry about depreciation, which can be over 50% after just 3 years. Additionally, it can be easier to manage making a monthly payment over a pre-agreed term and you can then take out a lease on a newer and more efficient car at the end of the agreement.
Find Cheaper Places to Fill Up
Fuel is one of the major costs to cover and obviously one that is essential. Reducing your mileage will obviously make a difference, but this isn’t always easy especially for those that need their car for work and/or the school run. Another good option is to research the best places to fill up as many garages have higher prices for fuel as they know that people will need to use them.
Check Your Tyres
Did you know that under-inflated tyres add an extra 6% to your fuel consumption? This can add up to a lot and is easily avoidable simply by checking your pressure on a regular basis and topping up when necessary.
Research Insurance Options
Many people set and forget their car insurance, but you could be overspending by doing this and car insurance is a major cost to cover (especially for younger drivers). This is why you should always research and shop around when approaching the end of your contract as you can usually find something that is more affordable – your current insurer may then offer to match or even beat this to keep you as a customer.
Look into Optional Coverage
Following on from this, it might seem counterintuitive to pay for cover that you are not legally required to have but it could end up saving you a fortune. An extended warranty along with GAP insurance are both optional forms of cover that are worth considering as they will provide financial protection as well as peace of mind.
Buying a car and keeping it in the road can cost an enormous amount and make it hard to manage each month. These are a few ideas for ways that you could make savings in both the short and long term, which could end up making a big difference to your lifestyle and still allow you to get the most out of driving.