How to Save Money With Your Car
by James P. Outreach & PR ExecutiveA car, for the average person, is the
second most expensive life purchase, after a house. Unfortunately, our beloved
four-wheeled friend can often exist as a black hole that swallows up the
entirety of our bank balance, with
fuel, insurance, and repairs taking up the majority of expenditure.
Thankfully, these unseen expenses don’t
have to mean that your life is going to be destined to public transport. Rainy
mornings stood at the bus shelter aren’t a certainty, as there are numerous
ways you can drive down the cost of your motoring experience.
In this article, we take a look at the
variety of ways you can cost cut on the commute without leaving the car at
home!
The purchase
Of course, we all want a brand-new car. The
smell of fresh leather and upholstery that has just been unveiled from below
the plastic seat covers is nothing shy of delightful. However, it is worth
taking a step back and asking yourself — do I really need a new car? The second
a car leaves the showroom and those unscathed tyres make contact with the
tarmac, depreciation kicks in. Generally, a car will lose half of its residual
value in the first three years after its registered on the road. The Fiat Panda
0.9 TwinAir is one of the quickest vehicles on the UK market to depreciate
—holding on to 26.7 per cent of its starting price after three years.
When buying from a dealership, take
advantage of the timing. Remember, like any other sales business, car
dealerships and their salespeople have targets to meet. Often these targets
will be measured in quarters relating to the business year, meaning the end of
March, June, September, and December are a good time to get your hands on a new
motor. Salespeople will be more willing to negotiate as they will be attempting
to shift more vehicles in a bid to increase their quota. They will also be more
likely to offer generous finance deals.
Alongside the quarter-ends, registration
dates can also impact how busy a showroom will be. Try to avoid purchasing a
new car at this time, as this is a popular time for buyers. Likewise, take into
consideration the class of vehicle you’re going to be buying, with winter
offering better deals on a convertible vehicle, as they are considered
‘out-of-season’.
Taking time to decide what you really need
from a car is essential. The decision you make can impact the money you are
going to spend, both in that instance, and in the long term. The larger the
vehicle, the more fuel it will use, quite often the higher the insurance
premiums will be, and perhaps the road tax will be.
Insurance
Especially for younger drivers, insurance
can be one of the most crippling factors in relation to running a car. MoneySavingExpert.com
reported in June 2019 that the average driver between the age of 17 and 22 is
paying approximately £1,400 in premiums. There are ways to reduce your
insurance costs though. Parking your car in a garage is more likely to deter
damage and theft reducing the cost of your insurance, for instance. Avoiding
speeding convictions will also go a long way in keeping your costs low. The
type of car you’re driving will impact the cost of your insurance too. However,
in certain circumstances you are restricted by the fact you must share a car
with a parent, partner, or a sibling. In the event of this, especially if they
are driving a car with a considerably large engine capacity, it is often easier
to bring down the cost by keeping them insured on the vehicle, as having a
‘responsible’ second or third driver is deemed better by insurers.
Despite the fact it may seem simplistic,
many people fail to shop around and jump at the first quote they get. Price
comparison sites can be useful and often they will produce a plethora of good
deals, but don’t be afraid to get in contact with the insurers directly. Give
them a call and get your best bargaining hat on. Even if they don’t reduce the
cost of the insurance, they might be able to throw in some complementary
breakdown or windscreen cover.
Finally, many people automatically assume
that third party is the cheapest because it offers the least protection in the
result of an accident. For the vast majority of occasions this can be the case,
however, drivers who opt for third party-only insurance are often deemed high
risk. Therefore, opting instead for fully comprehensive insurance can actually
be cheaper.
Maintenance
One of the most heartbreaking factors of
owning a car can be a breakdown — especially when you don’t know what the
extent of the damage is. A blown head gasket, a snapped track rod end, or a
radiator leak — they are all likely to empty the piggy bank. But there are
certain measures you can take to help limit the chances of issues like these
from occurring.
Although air and oil filters may be small
components in your car, they are crucial for a smooth ride. Every time you
change your oil, you should replace your oil filter, helping to protect your
engine. Alongside impacting fuel efficiency in a negative manner, a dirty or
clogged oil filter will impact the flow of oil around your engine, which can,
in turn, lead to engine failure.
Regularly topping up your radiator coolant,
your brake fluid, and your clutch fluid, as opposed to simply doing so when
your car is heading for its MOT, are all ways of extending the engine’s overall
lifespan. Likewise, use a car
tyre inflator to regularly top up your tyres to the manufacturers
recommended PSI. Not only will this increase your fuel economy, it will extend
the usable life of your tyres.
Alongside the aforementioned methods of
saving money via your car, when behind the wheel there are also a number of
ways you can cut costs, including accelerating and braking gently. Did you know
that it takes 20 per cent more fuel accelerating from a stationary position,
than from four-to-five miles per hour? Think smarter when you’re driving and
you could be saving yourself hundreds, if not thousands of pounds every single
year!
Sources
https://info.kaltire.com/why-change-your-oil-and-air-filter/
https://www.moneysavingexpert.com/insurance/young-drivers/
https://www.rac.co.uk/insurance/car-insurance/guides/expert-money-saving-tips
https://www.moneysavingexpert.com/car-finance/buying-new-car/
https://www.unilad.co.uk/life/this-is-how-much-time-people-spend-driving-per-week/
https://www.thebalance.com/how-to-save-money-on-all-of-your-car-expenses-1289239
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Created on Sep 30th 2019 11:49. Viewed 545 times.