I’m Rich and I welcome you on my personal space on the Internet. I created this blog with a single purpose – to inspire you to take charge of your money and help you become a financially successful and independent person.
Reduce the Costs Associated With Owning & Driving a Car
Owning and driving a car can cost a great deal of money. Yet there are strategies that you can use to lower these costs. Read on to find out what they are.
Choose the Right Fuel
Fuel is one of the most expensive commodities right now, and that is something that directly affects drivers. Indeed, gas prices are set to continue to rise because of the shortages caused both by the war in Ukraine and the already scarce supplies of fossil fuels.
With that in mind, opting for an electric, or hybrid vehicle is a much better idea. The reason is that you won’t be so dependent on gas, and can even start to fuel your car with renewable energy sources like wind and solar, which could cost you next to nothing.
Make Sure You Shop Around for Insurance
You can’t drive a vehicle on the road without insurance. Sadly, getting your car insured can be one of the highest costs involved in running it. Happily, some tactics can help keep your insurance costs as low as possible.
The first is to shop around for the best deal on insurance. The fee that each provider will charge you will differ, so it’s a matter of simply choosing the lowest. Be sure to check the coverage each plan offers though, as you will not want to get caught out if something does happen.
Next, the type of car you choose can affect the costs of your insurance, with more powerful engines, and racier vehicles being more expensive to insure. Therefore if you are looking to keep your insurance premiums as low as possible, be sure to factor this into your initial decision on what vehicle to buy.
Next, you may wish to not claim for the small things on your insurance when you have it. This is because every time you make a claim your premiums will go up. Additionally, you will likely have to pay a certain amount towards any repairs each time you claim, and it may not be worth it if the job costs less or the same.
Lastly, wherever possible, try and pay your insurance in full at the beginning of the year. Otherwise, you will end up paying additional costs to spread it across 12 months. Just like you would with any other loan. If you can’t afford to do it, this time around, save so you can cover it all in one go for next year.
Keep Your Vehicle in the Best Condition Possible
There are many benefits to keeping your car well maintained, including that it can save you a great deal of money. Indeed, by keeping your car in good condition you can avoid having to replace expensive parts later on. Additionally, a regularly serviced vehicle will run better and more efficiently which means you can reduce your fuel costs.
The basic things you need to be able to do to maintain your vehicle successfully include changing the oil, steering fluid, radiator coolant, and wiper pads. Being able to change brake fluid, balance your tires, and change brake pads is a good idea too. Although you will need to learn how to safely use a Jack to do this.
Keep Your Car Clean
Making sure that you keep your car clean both inside and out will help to keep costs low as well for two reasons. The first is that replacing interiors and textiles can be very expensive, while the second is that by keeping your car in good condition you will be able to maximize the value you can sell it for when you decide to upgrade, something that means you can pay more of the cost of your new car off and so have less to pay each month.
Shop Around for Fuel
While we are on the subject of fuel, you may think that it’s a good investment to choose the premium kind, but this isn’t usually the case. Instead, using a standard fuel and shopping around for the best price will keep your vehicle running smoothly, and save you money.
You can use an app to find the cheapest fuel in your area too, and while this may only be a few pence per liter, as you will be using multiple liters a month it can add up.
There are some obvious advantages to driving safely including a reduced risk to your own and your passengers’ health and wellbeing. However, in addition to this, driving more safely and reducing the risk of being in an accident helps to prevent situations that incur the costs of repairing your car, and paying the high medical bills of any treatment you may need if you are involved in a crash.
Of course, if you do find yourself in such a situation, then finding an accident attorney to work with can make all the difference. This is because they can represent you in court, and make sure that you get enough compensation to cover the costs you have incurred from being involved in an accident.
Regularly Check Your Tires
The right tires maintained in the right way can save you a great deal of money when running a car. This is because tires with lower rolling resistance take less fuel to power, which means you will use and have to pay for less.
The great thing about low resistance tires is that they are just as safe as the regular option, and they don’t cost any more to buy either. It really is a win-win situation.
Although buying the right tires is only one half of the solution. They also need to be maintained correctly as well. This means regularly checking the pressure and the tread. Indeed, an underinflated tire will increase your fuel usage so make sure to check them each week.
Stop Overloading Your Car
In your car’s manual, there will be weight guidance for how much it can carry. It’s important not to go over this as it can immediately put a strain on your fuel consumption and cause additional wear and tear that can be costly to repair.
Also, if you are someone whose car trunk is always full, consider removing everything apart from what is necessary for the specific day you are on. After all, driving around with a full trunk will use up more fuel than needed, and over the long term will increase your running costs.