Every motorist is painfully aware of just how much money it costs to keep a car on the road. The cost of a vehicle, fuel, insurance, road tax, and maintenance are the main costs to cover, which can add up to a large amount to cover each month and seriously impact your financial situation in the short and long term. The good news is that there are always ways that you can save money when it comes to driving, and combining a few of these could have a big impact on your financial situation. So, if you are struggling to make ends meet or you simply are looking to spend less on driving, then read on for a few tips.
Reduce Your Mileage
One of the most obvious ways to reduce your spending each month is to reduce your mileage. Most people automatically grab the keys when leaving the house, but often you could walk or cycle, which would be free, it is better for the environment and good for your health. Additionally, if you can significantly lower your annual mileage, you could also lower your insurance and reduce your need for maintenance.
Do Your Own Maintenance
Motorists should also learn how to do their own basic maintenance to keep your costs down and keep the car in the best possible condition and, therefore, less likely to need work. There are many tasks that a motorist can do themselves, such as:
- Changing the engine oil
- Topping up fluids
- Replacing spark plugs
- Checking the tyre tread pressure
- Topping up tyre pressure
- Cleaning both inside and out
Stick To The Service Schedule
While it might cost money to get the car serviced, you will find that this will end up saving you more in the long run. This is because getting the car serviced allows any small problems to be detected before they turn into major issues. It will also help improve the vehicle’s performance and ensure that it is working in the most efficient manner possible.
Scrap Your Old Car
If you have an old car that is costing you more than it is worth, it is a good idea to have the car scrapped. It can be very hard to sell a car like this, but car scrapping is a quick and easy way to get rid of the vehicle, and you can then use the funds from scrapping the car towards a new and more environmentally friendly option. Scrapping a car in Essex is a straightforward process, and you can even arrange to come and have the vehicle collected from you.
Switch To Electric
Leading on from this, switching to an electric car is also a good way to make savings while also reducing your environmental impact. Electric cars can be expensive upfront, and you may also need an electrician to come out and install appropriate EV Chargers, but you can make huge savings in the long run, and this makes them a smart investment to make. There are now many different types of electric cars available, so it should not be too challenging to find one that suits your needs and lifestyle.
Lease Instead Of Buy
For many motorists, leasing makes a lot more sense than buying a car and it can work out as the better option financially too. This is because you are able to avoid depreciation, which can save you thousands when the time comes to sell. A car starts depreciating from the moment that it leaves the lot, so you are constantly losing money, but with a lease, you do not have to worry about this and can simply arrange a new lease on a newer car at the end of the agreement.
Find Ways To Reduce Insurance Premium
Insurance is one of the major costs to cover and obviously a legal requirement. There are ways that you can reduce the amount that you have to pay, though, such as:
- Shopping around to compare providers
- Reducing annual mileage
- Increasing your excess
- Parking off-street
- Take a defensive driving course
Hopefully, these financial tips will come in handy and help you to start saving money in both the short and long term. Driving can be a major cost, but it is also essential for many people, so it is important to try and find the best way to make savings while still allowing you to get the most out of your automobile. Putting these tips into practice should help you leverage a bit more funds in the short and long term.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin