With the cost of living rising sharply, many motorists are looking for ways to reduce the cost of running a car. This article outlines the main areas where savings can be made, from buying used to insurance to fuel efficiency. Follow these tips to make car ownership more affordable.
Buying a Car
One of the most effective ways to reduce the cost of car ownership is to buy a used car rather than a brand new one. New cars depreciate rapidly in the first few years, with some models losing 50% of their value in the first 3 years. Buying a car that is 2-3 years old can save you thousands compared to buying the same model brand new.
When looking at used cars near Derby, take your time to find one with a full service history and low mileage. This will help avoid expensive repair bills down the line. You can find great deals on nearly new ex-demo or pre-registered cars which dealers are keen to shift. These can have big discounts but barely any miles on the clock.
Insurance
Shop around extensively for car insurance and don’t just auto-renew your existing policy. Insurance premiums can vary hugely between providers for the same level of cover. Use price comparison sites to get quotes from multiple insurers at once. Consider getting a black box policy which monitors your driving and can lead to big savings for safe drivers. Increase your voluntary excess which will lower your premiums. Pay annually rather than monthly to avoid interest charges. Consider a limited mileage policy if you don’t drive much. Add an experienced driver as a named driver to get lower premiums.
Fuel Efficiency
An economical car with low CO2 emissions will be cheaper to run day-to-day. Models with smaller petrol or diesel engines offer the best fuel economy. Hybrid or electric cars have extremely low running costs as electricity is cheaper than fuel, though the upfront cost is higher. Check the MPG figure when choosing a car. You can improve fuel efficiency by driving smoothly, and avoiding excessive acceleration and braking. Stick to speed limits as fuel economy drops off significantly above 70mph. Reduce unnecessary journeys and combine multiple errands into one trip.
Maintenance & Repairs
Follow the manufacturer’s recommended service schedule and get work done at an independent garage, which are cheaper than main dealers. Learn to do basic maintenance yourself like oil and filter changes. This can save on labor costs. Buy spare parts online which are much cheaper than from a garage. Make sure you keep on top of repairs to avoid big bills down the line. Investing a small amount regularly is better than facing an unexpected large repair. Consider an aftermarket warranty to cover repair costs for mechanical failure.
Running Costs
Choosing a car with low tax, MOT and servicing costs will reduce your overall spending. Models with low emissions currently qualify for free road tax.
With petrol and living costs rising, making your car as affordable as possible is crucial for most drivers.
