Cutting the Cost of Car Ownership

Jun 22, 2020 | Lifestyle

Buying your first vehicle is a rite of passage than everyone looks forward to but it doesn’t take long for the realities of car ownership to sink in. Unfortunately, owning a vehicle doesn’t tend to get any cheaper, so reducing the cost any way you can is always advisable. For savvy ways to improve your finances, take a look at these sure-fire ways to cut the cost of car ownership:

1.  Save Instead Of Splurge

If you can afford to buy a car without financing or without taking out a loan, it’s certainly worth doing so. Although you might need to settle for an older model, buying a vehicle with cash means you can save spending a small fortune on repayments. When you factor in the cost of interest or car financing or personal loans, it increases the purchase cost by a substantial amount. 

If you simply don’t have the funds to buy a vehicle outright, shop around to find the best repayment terms. Some financing companies and loan providers offer loans with an interest-free introductory period but beware of subsequent rate hikes and early repayment clauses. Do the math and calculate how long a loan will cost you in the long-term before you sign a contract.

2.  Buy Spare Parts Online

There’s no doubt about it, your vehicle will need spare parts, consumables and accessories from time to time. Whether you want to make your car smell great with a new air freshener or you’re in desperate need of new tires, you’re going to need a spare part supplier that doesn’t cost the earth. Fortunately, online retailers, like Automotive Stuff, make it easy to access affordable, top-quality parts and accessories. When you can, plan ahead and buy the things you’ll need when promotions are on. This will save you money in the long-term and ensure you never run out of car maintenance essentials.

3.  Shop Around For Insurance

Aside from the cost of your vehicle, insurance might be the biggest vehicle-related expenditure you encounter. In fact, some people end up spending more on insurance premiums than they do on their vehicles! However, you can reduce the cost of your insurance by opting for a car with a smaller engine. Similarly, more expensive vehicles are going to cost more to ensure, so stay within your budget when buying your car and you’ll also benefit from cheaper insurance. 

Adding new or young drivers to a parent’s or partner’s insurance policy can be an effective way of reducing the cost. Inexperienced drivers typically face expensive premiums, but a joint policy can minimize the risk they pose and, therefore, drive down the cost of premiums.

4.  Maintaining Your Vehicle

Although car ownership can be expensive, it doesn’t have to be. Taking good care of your vehicle and keeping it well-maintained is probably the easiest way to minimize the cost of car ownership. By having your vehicle serviced regularly, replacing consumers, like oil and antifreeze, when they’re needed and switching out your tires, you can reduce the wear and tear on your vehicle and minimize the cost of ownership.


– a contributed post

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