For a lot of people, the thought of driving a car has always been a happy thing. When you’re young, you can’t wait to pass your test and get behind the wheel. Then, you can’t wait to own your first car, and save up for your dream one too!
As you get older, it becomes apparent that owning a car isn’t as thrilling and exciting as you first thought. In fact, it goes from being something you’re eager to do, to something you only do because you need to. Most of us need cars to get around, so we’re left with no option but to buy one.
The main reason they’re slightly problematic is that they cost a heck of a lot to run. So much so that your car may well be driving you towards a gigantic pile of debt. There are tonnes of recurring costs that all add up over time. Thankfully, you’re about to learn how you can slam the brakes on and prevent your car from landing you in serious debt. To do this, we need to look at the most common and expensive costs, and how you can keep them down.
Insurance for your car is mandatory if you want to drive it without getting caught, fined, and having your licence revoked. The good thing is, it tends to be a yearly cost. The bad thing is, it can be fairly expensive. For some people, you’re looking at a good thousand or so pounds every year. The price varies based on numerous factors; engine size, type of car, age/gender of the driver, driving experience, where the car is parked – and much more. Your best bet is to hunt down the cheapest car insurance policies on the market right now. There are loads of comparison tools around, and it will amaze you how much you can save. Also, never automatically renew your insurance policy every year. Always shop around again, as prices fluctuate and you could find a better deal. Finally, just drive safely and avoid getting into accidents. This is such an easy way of keeping your insurance down.
Everyone hates pulling into the petrol station and watching the figure fly up as you fill your car. It’s one of the most expensive running costs around, and I’m sure you’re well aware of how much you spend whenever you’re filling up. There are some things you can do to lower this ongoing cost, the first is simple; drive more economically. There are countless resources online that tell you ways in which you can use up less fuel while driving, and this will only benefit you as the months and years go by. Alternatively, think about selling your petrol car and getting a hybrid of full-electric one. Both of these versions bring in far lower fuel costs, so it’s something to consider. If for whatever reason you’re intent on having a petrol engine car, then perhaps reassess if you really need the one you’ve got. Do you need one with such a big engine that eats up petrol with ease? Can’t you downsize to a smaller one that’s more economical? Think of the long-term financial benefits!
All cars have to go in for routine servicing every year. This comes in the form of an MOT test, which your vehicle needs to pass. Even if you pass, you still have to pay for the test, which can be a bit annoying. If it fails, then you have to pay for all the servicing fixes to get your car roadworthy once more. Alongside this, most cars will suffer little bumps and bruises that need sorting out. You could spend a couple of hundred quid on repairs every year if you don’t take good care of your car. Again, drive safely, and you will avoid wrecking your vehicle and creating lots of expensive repairs!
Finally, we have the cost of maintaining your car. This includes all the little things like changing the oil and wiper fluids, filling up the pressure in your tyres, changing old tyres, and so on. While these costs aren’t massive, they can add up over time – particularly if you do them as regularly as can be. To be honest, you can’t really lower these costs as they’re essential. But, by doing them, you can save money on some of those repair costs mentioned earlier as you’re keeping your car in good condition.
Don’t let your car drive you towards a deadly debt spiral. Put the brakes on and come to a commanding stop, leaving you in a much more stable financial position.