More quickly than ever before, cars are becoming much more of an accessible commodity to consumers. Things like finance options, trading in your old car, online markets and long-term renting has made things seem like it has never been cheaper or easier to have a car of your own.
Sadly this is what some of these things are designed to do, rather than to actually help the consumer, as there are those who don’t think much further than the initial purchase of your vehicle! Younger drivers are certainly the demographic that are typically falling trap to this, so what is actually out there to limit costs of purchasing and running your new car down?
- A car is not a smartphone
A car is not a smartphone, a very obvious statement to make but scarily accurate for some when looking at cars. Smartphones, for the most part, are exterior focussed. You can have a top of the range device, but ultimately the day to day operation of your phone will cost the same as another user on the same network. Cars and other vehicles do not!
The size of the engine, the type of fuel, the size of the car itself, and the mileage of it, are all significant factors on what will cost you the most when running and maintaining your vehicle in the future. Do you really need that ’S’ badge on the back, or could you reduce your future insurance by being realistic with what you need your car for?
- Can you afford to pay your insurance upfront?
It does sound like a scary notion, but if your funds can allow for a single insurance payment, you will see savings in the long term as monthly insurance payments can sometimes carry little extra fees for the convenience of monthly payments.
Not only this, but if you can afford to up your excess you will often drive down you premiums. This is something you need to consider yourself though, as the ways in which you use your vehicle, the quality of your driving, and model of vehicle may mean that upping your excess could become a financial stretch.
- Take care of the little things
This is the bit that is purely down to you! You know these things but often will overlook them as less-than-vital tasks. Keep your tyres fully inflated, make sure the fuel you’re putting into your tank is most suitable for your vehicle and its engine. Check your water and oil, and the other ‘little’ maintenance tasks for your vehicle. A small stream can break down boulders given time, don’t allow a lack of something small to cause a much larger issue down the line.
It can be challenging to create a defining list as to what will bring the costs of running and insuring a vehicle. It would be impossible to checklist something like this, as more often than not it is a combination of vehicle, driver, age, roads, insurers, and where you find your insurance deals. Let MyMoneyComparison take some of the stress away from this, and love your low costs and increased savings in the process!