A car is essential for most of us, but the price of running a vehicle can really eat into our finances. Check out these top tips for cutting down the cost of car ownership to make your money go further.
Research before you buy
To ensure you get the best possible deal on your vehicle, research before you buy.
You can find affordable alternatives to brand-new models by browsing the used car market for good-as-new pre-ownedmodels. There’s also the option of car financing if you want to spread out your payments on a vehicle, or you can lease a car for a short time rather than committing to buying.
Maximise fuel efficiency
Once you’ve got your car, concentrate on the way you drive. You might be surprised to know that driving carefully will make your fuel go further to save you a significant amount of money each year.
Top tips to maximise fuel efficiency include gentle braking, changing up gears early, and driving more slowly. Your car is most fuel-efficient at 45-50mph.
Minimise insurance costs
You should also take steps to minimise insurance costs while ensuring that you meet the recommended requirements for vehicle insurance.
For example, continue with a premium package but maintain good driving habits to improve your record and reduce your rates. You should also shop around each year to make sure that the price of your car insurance is competitive.
Sharing a car and having bundled insurance packages is another good way to keep the price down. For vehicles that you rarely drive, look into the option of temporary car insurance rather than being a named driver on the main insurance policy.
DIY vehicle maintenance
There are many benefits to DIY vehicle maintenance and many of the most important jobs are easy to do on your own. For example, you can check the tread depth of your tyres with a 20p coin.
Simply keeping your car clean will protect against upholstery wear and tear and damage to the exterior paintwork, helping to retain value and ensure a better resale price.
You should also vet the inner workings of the car every so often. This includes looking at your oil and screenwash levels and cleaning your air filters. Checking the functionality of your vehicle regularly means you’ll identify issues at an early stage and avoid costly repairs.
Keep up with servicing
While your MOT test is a legal requirement, other car services are not. However, it’s important to keep up with servicing if you want to protect yourself against dangerous and expensive problems.
You should take your car to a garage for a full service at least once a year, or every 12,000 miles – whichever comes first. Professional mechanics will do a thorough appraisal of the vehicle to make sure that everything is in good working order.
A full service includes checks of the exhaust, engine, wheel alignment, tyres, brakes and suspension. Your mechanic will also top up fluid levels and change the air or oil filters if necessary.