We all know that having a car is expensive. But until you use one for a few years, you might not realise just how much it costs you. The cost of buying is only the beginning. There are also insurance costs, fuel prices, and maintenance work. And that’s not even all of the expenses.
As you can see, there’s a range of yearly expenses for running a car. A survey found that the average UK driver will pay £3,500 a year, the most out of anywhere in the world! But don’t worry, there are adjustments you can make to save money. Here’s a breakdown of how you can tackle each of the costs of running a car.
Me and my first ever car
Car Purchase
Before you even get to the running costs, you get the most expensive part of all- the purchase. While dealerships will always want to sell you the flashiest and most expensive, keep your finances in mind.
Many dealerships offer second-hand cars at surprisingly low prices. There are many precautions you need to take for buying a used car. But if you’re okay with not having a brand new vehicle, this will save you a lot of money.
Most dealerships also offer a range of financing options. In most cases, people making expensive car purchases will pay them off monthly. This allows them a bit of breathing room with their finances. You may also want to lease a car.
Insurance
The price of insurance depends on a lot of different factors. Young drivers might want to wait until they’re 25 to get their own car. Insurance costs are much more expensive before this, but you can cut costs by using a family member’s car. Things such as your mileage, your credit history, and your driving record can also have an effect.
Looking into the factors that affect the price of insurance can help you figure out how to make coverage cheaper. Before taking out any cover, you should also compare through various websites to make sure you’re getting the fairest deal.
Maintenance And Repairs
Various car component
s can malfunction. A full-scale breakdown in the middle of nowhere can be extra costly. It’s best to keep your car well-maintained to try and avoid any problems developing.
Many dealerships will service your vehicle before you drive away. You may also want to regularly visit a servicing centre to make sure everything’s kept in check. It’s also worth having breakdown cover so you can easily get help if your car malfunctions and you need a hand towing it.
It also helps to do some of the maintenance work yourself. Most drivers will experience a flat tyre at some point in their life. It’s worth buying spare car tyres and keeping one in your boot in case of a puncture. Look online for car maintenance tips, as learning how to handle some yourself can help cut costs.
There are cases you’ll need the help of a professional mechanic. Make sure you find a reliable and trustworthy one, so you don’t get ripped off.
Fuel Prices
Fuel prices will depend on the kind of engine you have and how much you need. Getting a car with good fuel economy from the get-go can save you a lot in the long run.
Of course, the simplest way to save on fuel is to drive less. Walking or cycling more can cut back on fuel costs. You might even want to consider alternative commuting methods. You could also use PetrolPrices.com to find the cheapest petrol in your area.
Driving Fines
Unlucky drivers might sometimes get slapped with a fine. Make sure to avoid breaking any driving offences– serious ones can even land you in prison.
Even careful drivers might occasionally get a fine for going slightly over the limit. They might also accidentally park somewhere they weren’t meant to. You can usually fight these tickets in court. However, if you were at fault, it’s usually best to pay and be done with it instead of pressing the issue.
Other Costs
There are a few other costs associated with driving. Some of these you may not even have to deal with, or at least not for a long time.
Some people like to customise the inside and outside of their car. You should also regularly keep your vehicle clean. Look for tips to fix up your car interior on the cheap to save a few extra pennies.
Neglecting to keep your car clean and well-serviced can reduce its value come sale time. It’s best to take care of it, so you don’t lose out on any money.
Be safe and cautious on the road. Car crashes can be costly, especially if you experience an injury. Insurance covers many of these costs. If you have an injury that puts you out of work, you may want to seek legal advice for getting compensation.
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