Cutting the cost of Motoring
Cutting your car costs
Next to buying a new home or getting married and having children, getting a car falls into the top few things that will slim line your wallet. As a driver you will probably be more than aware of the costs of running your car each year and many new drivers now face the prospect of putting aside some of their hard-earned cash to pay towards the upkeep and day-to-day costs of having a car.
The costs of fuel whether petrol or diesel does fluctuate each year and adds to your yearly car cost budget. The costs of having a car can be divided into two groups – the flat charges such as insurance, MOT’s and Road Tax and then there is running costs such as fuel which are the actual costs of having a car.
But choose right and you could not only buy a car at a lower price but lower your standard car charges and keep your running costs down too. £6’680 is the average amount spent on running your car according to the RAC in its Report on Motoring, this works out to around £557 a month.
But just can we lower our costs?
Well, some things we have little say such as how old we are as a driver, how many years we have been driving and the area in which we live as these can affect your insurance price. If you live in an area with low crime for instance your insurance will be lower, in addition if you have been driving years without a claim or have never made a claim on your car insurance then you’ll find that your insurance premium should be less too.
The price you pay on a car could also be less if you opt for one that is let’s say at least ten years old as these will be much cheaper to buy especially if you go to a car auction or look at private ads. Most cars will depreciate in price and so the older they are the less money they will fetch in auctions so grab a bargain and go for one that is that little bit older. Another way of lowering your costs is to aim for less than 12’000 miles a year as this will keep fuel costs down depending on how fuel-efficient the model of your car is, on top of this lower annual mileage does make a difference to your insurance premium. Drive sensibly, not to fast will lower the fuel you use s keeping calm in the roads is essential to maintaining a hold on your money.
Keeping you tyres inflated will also help as the drag from under inflated tyres will increase the fuel you will need to use.
There are always ways to cut costs but one thing you cannot skimp on is getting a car that is actually roadworthy so it’s always advisable to do some research first on the type of car you want and look at tips on how to spot a car that’s going to cost you more in the long run.
Work out what you can afford to pay out per year and set yourself a goal to stick to it!