Although the convenience and sense of freedom that comes with owning a car are prized by drivers, the costs that come with car ownership are not – especially if you’re young and have just gotten your license.
While the monthly payments involving your car are probably your most significant expenses, there are ways to cut the costs of car ownership.
Here are five ways you can start saving money:
1. Get Comprehensive Auto Insurance
Even the cheapest car insurance policy with comprehensive cover will save money in the long run – especially if your vehicle is stolen, vandalized, or damaged in a fire or accident.
To keep the cost of your monthly premiums low, play around with the amount of excess you have to pay and make sure you fill out all the details on your policy accurately.
Choosing a comprehensive insurance plan that includes a courtesy car and roadside breakdown assistance can also save money if you break down unexpectedly.
Related Resource: Can My Parents Get Car Finance For Me?
2. Slow Down
While the legal speed limits are there to control traffic flow and improve driver safety, slowing down also saves money by increasing your fuel efficiency.
In fact, driving on a motorway at 80mph without slowing down uses around 25% more fuel than driving at 70mph, and reducing your speed to 60mph will save you an additional 9% on fuel.
Accelerating and braking abruptly also decreases your fuel efficiency, so begin gearing down long before you stop. If your car has cruise control, use it.
3. Keep on Top of Maintenance
If there is a problem with your car, it may already be too late when you notice it. Issues with cars can start out as minor issues, but they can quickly snowball. Leaving problems until they become major issues will ultimately end up costing you more money.
Proactively staying on top of regular maintenance and services is the best way to keep your car running smoothly and avoid additional costs – including unexpected hospital bills incurred due to decreased safety.
4. Drive More Efficiently
Changing the way you drive can increase your car’s efficiency. Practicing good driving habits – like changing gear at the correct time – decreases your car’s fuel consumption and places less strain on the engine.
In a diesel vehicle, you should make a habit of gearing up when you reach 2,000rpm. In a petrol vehicle, you should gear up at 2,5000rpm.
Another way to make your travels lighter on your wallet is to consider an alternative mode of transport whenever possible. If you only need to travel a short distance, consider walking or cycling to save money.
5. Save Money on Fuel
When it comes to how much fuel you use, saving even a few cents every time you fill up can make a difference in the long run.
Try to fill your car up in the morning or late at night when the temperature is cooler. Fuel is denser in cooler temperatures, which means you’ll be able to get more into your car.
Although filling up in the morning and at night will only yield a small saving, it can make a difference over the course of the year.
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