Every car owner is aware of just how expensive it can be to keep a car on the road. In addition to the costs of the vehicle itself (often the second biggest purchase that someone will make behind buying a home), a motorist must factor in the cost of fuel, road tax, and maintenance. This all adds up to a significant amount each month, which can make it hard to make ends meet or lead the type of lifestyle that you want. A car is often an important asset, so many people need to keep one, but there are a few smart financial tips that could help your situation.
Switch To An Electric
One good option is to switch to an electric or hybrid vehicle. While these may be expensive upfront, you will make huge long-term savings due to the lack of road tax and fuel, so it is a smart financial move to make. Of course, this isn’t only benefiting you; it is also benefitting the environment and could prove to be a wise long term choice. The government has been introducing bans and fines on polluting vehicles, but with the proposed 2035 ban on the sale of petrol and diesel causing a stir, you might be able to get your hands of an excellent model before they become hugely in demand and more expensive as a result.
Another good tip for motorists is simply to drive as little as possible. People will grab the keys automatically when they need to leave the house, but often you will find that you could walk or cycle, which is both free and healthy. Additionally, if you are able to reduce your annual mileage by a significant amount, then you could also lower your insurance premium.
Lease Instead of Buy
Leasing can bring many benefits over purchasing a car and not only from a financial standpoint. From a financial standpoint, leasing makes a lot of sense because you will have easy to manage monthly repayments, and then at the end of the agreement, you simply take out another lease on a newer car (one which could be cheaper to run). This means that depreciation is not an issue, which could save you thousands of pounds. Not only this, but you can arrange an affordable car lease with bad credit with ease through specialist companies, making it easier for those with a low credit rating to secure an affordable vehicle.
Perform Your Own Car Maintenance
There are a number of easy to perform maintenance tasks which you can perform yourself, which could help you to make big savings. This is because it will keep the car in good condition for longer and could stop you from needing costly repairs, plus you will save money by doing the work yourself instead of taking the car to a mechanic. A few of the key maintenance tasks include:
- Changing engine oil
- Topping up fluids
- Changing the air filter
- Replace spark plugs
- Checking tread depth
- Keeping tyres inflated to the recommended level
- Cleaning both inside and out
Hopefully, these financial tips will be of use to motorists and help them to make savings in what can be a very expensive area of life.