If you’re on a budget, and looking for ways to save money on car expenses, read on for this helpful guide.
Owning and operating a car is an expensive endeavour, so it is no surprise that drivers are constantly looking for ways to cut their driving costs.
Fortunately, there are a variety of approaches you may take. When combined, they can have a substantial impact on your finances in the long run.
Coming up below I share a few helpful pointers on how to save money when buying and operating a car.
As you might know, I wrote a bestselling book called Happy Habits.
Inside my book I share a range of habits which boost happiness. And in my research, I learned that a big contributor to feeling a fulfilling level of happiness is making sure you mindfully stick to a budget – so you don’t feel stressed about money.
With this in mind I put together this simple guide for the best ways to save money on car expenses.
Everyone fantasizes about driving a brand new car, such as the new Porsche 911, but these will be too expensive, so it is worth considering looking at used cars from a trustworthy dealership. Many places will also allow you to finance a vehicle, which can make it a lot easier to manage your money. It is also worthwhile to check if you can negotiate a price with the dealer, as you could save a few hundred pounds if you know how to bargain, and there is a lot of useful advice on how to do so online.
When deciding on a car, always consider how efficient it is, as this will have a significant impact on the running costs. A smaller vehicle with high returns will allow you to save more money over time while also being much better for the environment. Furthermore, these vehicles are much less expensive to tax – remember, electric vehicles do not need any road tax.
Another important expense is keeping up with the car’s servicing. Maintain your vehicle and its servicing plan and ensure that the tyres are properly inflated on a regular basis. There are several DIY maintenance projects that you can undertake yourself that can help you save a lot of money, and if you know how to check your oil, check the PSI on your tyres and how to top up your windscreen fluid yourself, you could skip taking it to a garage for a service every few months.
Insurance can be outrageously expensive, especially for young or inexperienced drivers. Fortunately, there are several ways to decrease your car insurance costs, including increasing your voluntary excess, locking your vehicle, driving fewer miles, and installing a black box. Again, shopping around and using comparison websites can help you get a fantastic insurance deal.
Making a few simple changes to your driving style can also have a significant impact on your operating costs. Quick acceleration, sharp braking, and speeding can all reduce the number of miles you get out of a tank and prematurely age the car, so try to drive gently and minimize idling as much as possible.
These are just a few of the ways you can save money when buying and operating a vehicle. Driving is an expensive hobby, especially if you spend a lot of time behind the wheel. Try a few of the suggestions above in conjunction with one another, and you could save a lot of money over time.