3 Ways to save money on car ownership
We’ve all been there, overpaying for things in life. From utilities to food, overpriced clothing, and those Oasis tickets you swore you wouldn’t go crazy for but ended up shelling out a lot for…
Life is expensive. However, just because things come with a hefty price tag does not necessarily mean they’re a great deal or that your only option is to pay it. The same is true for car ownership, too, and if you’re not careful, you can end up frittering your wages for a car that simply doesn’t give you back what you’re putting into it.
If you want to keep those pounds resting in your bank account, not burning away in your vehicle, these tips will help you claim back some money and keep the cost of car ownership low. Following these strategies could save a significant amount of money, giving you more financial freedom and peace of mind. Imagine the extra cash you could have for other things in life, just by being a bit more savvy with your car ownership.
Be careful with finance deals
Finance deals can be a lifesaver when it comes to getting a really good set of wheels or a newer car if you don’t have the funds to pay for it outright. However, not all car finance deals are created equally, and it’s important to understand the terms you’re getting into, the interest you’re paying and how much overall the car will cost you. Ideally, you need to keep finance payments for cars around 10% of your income 15% max. You should also consider whether or not you will have to make balloon payments to keep the car. Balloon payments are large, lump-sum payments that are due at the end of a finance agreement.
Understanding the rate of depreciation and the expected value can help you ascertain if you’re paying out too much.
It’s vital you check the T&Cs as in the past; people have been mis-selling car finance, leading to consumers making HP car finance claims now to get back money for agreements they are mis-selling.
Drive better
How you drive can directly impact the cost of owning a car, and if you want to save money, you need to learn how to drive correctly not to increase wear and tear on the engine. This includes habits such as
- Hypermiling
- Fueling correctly, i.e. Not having a full tank unless you need it for long-distance driving
- Not braking suddenly at lights or accelerating quickly
- Being mindful of using heating and air conditioning
- Using higher gears
- Knowing where the cheapest petrol stations are
These tips combined can help you save money on wear-and-tear repairs and fueling costs over the years.
Servicing
Regular servicing can be a lifesaver when it comes to preempting issues with your vehicle. A mechanic will check over various points of your car, make small changes, i.e. new spark plugs, change oil and filters and generally inspect all areas of your car for issues. This should be done every 10,000 to 12,000 miles or annually; whatever comes first and can give you a good idea of the condition of your vehicle and any repairs you might need before they become a bigger corner or are the cause of a breakdown or, worse, an accident when driving. This proactive approach to maintenance can provide you with peace of mind and keep your car in top condition for years to come.
