Having a car isn’t always considered a luxury anymore. Whether you live in a big city and have to commute to work, or in the middle of nowhere and need your car to access local amenities, it can be an expensive thing to own. Not only do you have the overhead of buying the vehicle itself, but you often have monthly fees tied to being a car owner, as well as the running costs. It can all start to add up.
If you’re starting to feel the pinch of running a new car, you might want to work out a few ways you can cut down the cost. From easing off the running costs or sharing them, to reducing your investment overall, there are plenty of ways you can get your money back out of your vehicle. To see if you can save yourself hundreds or thousands each year, consider each of these money-saving options.
Share Your Car
One of the best ways to bring down the cost of car ownership is to share it. If you’re married or in a relationship, do both you and your spouse need to own cars? If the answer is yes because you head off in different directions each day, then the below options might be more suitable to you. But if your second car is actually a luxury, you might think of getting rid of it and sharing the one. This way, you can split the cost of insurance, fuel, and repairs.
Reduce Your Insurance Premium
Insurance can be so costly, especially if you’re a young driver. However, the longer you’ve been driving, the more chance you have at getting a good deal on your premium. Whether your insurance is up for renewal or you just fancy trying your luck, give your insurer a call and see what they can do. You might even be able to reduce your level of cover to save money.
Drive Every Other Day
If you really want to reduce the amount of fuel that you need to put into your car and cut back on the maintenance costs, you should consider driving less. If you could cycle to work every other day or try to reduce your errands to a few times a work instead of every single day, you could half your monthly or yearly outgoings on your car. Sometimes, that can be a significant saving in itself.
Buy A Cheaper Alternative
Sometimes, you might find that you’re better off cutting your losses. If your car is too expensive to run regarding your monthly payments, maintenance and running costs, maybe you need to get a cheaper alternative. Whether you decide to sell your used car and get a cheaper alternative or trade in your rental for once, that is more efficient, and on a lower price plan, it could give you a bit of breathing space.
Similar to the idea of driving less is the option to carpool. Now, this could be with your spouse or roommate, or with your colleagues at work. You might even find that other people in your street head out to run errands at the same sort of time as you. If you’re serious about saving on running costs, carpooling could cut back your costs by a serious amount.
Keep Up The Maintenance
When you neglect to look after your car properly, you could find that it costs you more in the long run. You might think you’re saving money by cutting out its yearly service, but those checkups could prevent you from paying out more on maintenance in years or months to come. When it comes to your car upkeep, make sure it’s in tip-top shape, and it will always cost you less.
In more recent years, brokers have started to reward safer drivers. The idea of having your driving monitored might freak you out at first, but if you’re serious about saving money, it could be a good option for you. By having a black box fitted into your car, your insurance company will reward you for your safe driving, and you could find your insurance premiums are cheaper because of it.
Hire A Car
If you very rarely use your car or you’ve managed to cut down your usage, you might think about being without a car completely and hiring one when you really need it. It might seem expensive to hire a car when you look at the initial outlay, but when you consider what you will save over a year by not owning a car, it could be a small price to pay.