Looking to make savings on your car costs? It is no secret that buying and keeping a car on the road can be enormous expenses that can greatly impact your financial situation each month, but it is important to know that there are ways that you can lower these costs which could make a big difference to your finances and life.
Read on to find out more.
Savings in the Initial Purchase
First, you should know the best ways to keep the costs down when buying a car and there are many to keep in mind.
Buying Used
Perhaps the most obvious is to buy a used car as opposed to buying new, which will be much cheaper, you can get more for your money and depreciation will be less of an issue down the line. It is smart to buy from a used dealership as opposed to a private seller as although it can cost more, you can benefit from finance deals and part exchanges (as well as consumer protection).
Buy a Car With Low Running Costs & Negotiate
You should also look to buy a used car that has low running costs but be sure that it is a car that will be a good fit with your lifestyle. When it comes to buying the car, do not shy away from negotiating as this can help you to knock off a fair amount particularly if you have done your research and know-how to negotiate effectively.
Savings on the Running Costs
There are then many ways to bring down the cost of keeping the car on the road, particularly if you have opted for a vehicle that is affordable to insure, fuel and tax.
Do Your Own Maintenance
One of the best tips is to perform your own regular maintenance. In addition to helping you to lower your garage costs, this should also help you to keep the car in the best possible condition and avoid any costly repairs. A few basic maintenance tasks include:
- Changing the engine oil
- Replacing spark plugs
- Checking tyre tread
- Checking tyre pressure
- Replacing the air filter
Buy Cheaper Replacement Parts
Similarly, you should look to buy budget tyres when they need replacing as this can help you to make huge savings on what can be a very expensive purchase. You can also do the same with fluids, brake pads, filters, wiper blades etc.
Lower Insurance
Car insurance is one of the major expenses to cover, but there are a few ways to make savings here:
- Reduce your annual mileage
- Keep the car stored securely
- Shop around
- Increase excess
- Add a named driver
As you can see, there are lots of smart ways to lower your motoring costs which could make a big difference to your finances each month.
