Homes and cars are two of the most significant ongoing expenses that people incur. Owning a running a vehicle can come with a considerable cost. The problem is that most of us rely on them to get to work every day, to go on day trips with the kids, and even the weekly shop.
But here are a few ways to bring down the costs of running your vehicle.
One of the biggest mistakes people make from the off, is they sign a deal on a car that is out of their budget. But, because the first year or two has reduced payments and no interest, it feels like a good deal at the time. What that means is straight away you owe thousands of pounds on the car, without even factoring in the running costs. Try and be more realistic and save to buy something second hand and in cash.
If you don’t yet have a car, ask yourself how much you really need it. Do you live close to public transport lines? Is there parking close to the house. If you factor in traffic then how much time do you really save by taking a car overtaking a bus? There are so many things to think about so take your time to do it.
If you have friends and family that don’t live close by then the chances are a car will become much more appealing. It might enable you to take a job that isn’t as close by too. It may be that you could simply rent a car when you need to. There are many other ways to get around, but that’s up to you.
Taxes, breakdown cover and if you ever end up in an accident things get more expensive again. Of course, that doesn’t even take into consideration that they might need a lot of work just randomly. When it comes to car insurance, you need to shop around as much as possible. If you have previous driving offences, you’re going to look for more specialist cover like convicted driver insurance. You can’t really hang around too much, because it is an offence to drive and not be insured. Once you have chosen, you can either opt to pay a more considerable excess, so that your monthly payments are cheaper or pay upfront and the entire plan will be more affordable. Of course, the high excess will mean if you do have an accident you’re going to be paying a chunk out when the time comes.
Try to go for an eco-friendly car. They often come with perks like less or no road tax, cheaper fuel costs, and lower insurance too.
Use the car less. A great and the most straightforward way to spend less on your vehicle is to use it less. If you find that you are using the car once or twice a month, it might be worth considering selling it.
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