Cars are not at all cheap to run, and the chances are that they’ll constitute one of the biggest expenses each and every month for just about anyone. For many people they’re second only to rent or mortgage as the biggest bank account drain. If you’re looking to save up some money, whether for a special purchase or for some form of investment, then the money you currently spend on your vehicle is a good place to start looking for savings. There’s a lot to look at, and potentially a lot to be saved too. Here’s where you can cut those costs.
Depending on numerous factors, the monthly fee you pay for insurance could actually be the biggest expense, particularly if you’re a young driver. There’s very little that you can do about your individual circumstances that inform an insurer’s price, but what you can do is make sure that you shop around. This can save you hundreds over the year that could be better spent elsewhere.
This will of course very much depend on the vehicle, but some cars are going to cost more than others when it comes to keeping them in driveable condition. The key here is being able to do at least some of the work yourself. When it comes to repairs, it’s often not the price of the part itself that is expensive, it’s the labour involved. If you can do this yourself, it costs nothing. All you really need is a chest for some decent tools, some decent tools, and ideally some form of manual – this will get you through a lot more repairs than you might think.
The money you actually spend on the car might not be changeable if you’re already in a plan, but you might be able to shift things around depending on your provider. For instance, it might work out better for you to pay things off quicker. It’ll cost you more in the short run, but then you’ll be paid off sooner and this means all that money coming out of your pay check can go somewhere else.
Fuel is one of the most flexible automotive expenses, and you’ve probably got quite a lot of control over how much you spend. Driving less will obviously cut this cost, but driving more sensibly and economically is the best option. There are plenty of guides available – follow them and you’ll be able squeeze some extra miles out of your tank.