How to Cut Costs of Car Ownership

Whether you are an entrepreneur or not, thinking like a business-owner can help you to save huge amounts of money in everyday live. This is because individuals who own businesses must consider all costs in terms of value and profit, and this enables you to strike the ideal balance between minimising spending and achieving a desired level of quality.

This is particularly important in the modern age, as a contracting economy and the spectre of Brexit continue to create the tightest squeeze on household income in five years.

Reducing the cost of buying and maintaining cars is one area to focus on, and this can be an expensive pastime as the price of fuel continues to soar. Here are three tips to help you reduce costs as a motorist:

 Beware of the Used Car Trap

 While it is tempting to believe that used cars are cheaper than newer models, you need to be aware as a consumer that this is not always the case. Given the heavy promotions that are usually applied to new cars, the cost differential between the two may not be as large as you may think.

 Not only this, but it is estimated that car finance agreements are 1% higher on average for used cars than they are for new models, so this can also increase costs over time.

 With this in mind, it is important that you adopt a business mind-set and compare both markets thoroughly before making a decision. Be sure check the available promotions on preferred models that are within your budget, while also checking the precise terms of any finance agreements that you are considering.

 Have Your Car Thoroughly Checked to Avoid Long-term Maintenance Costs

 If you do have a used car, it is also important that you thoroughly check and inspect the vehicle prior to purchase in order to guarantee its viability. This can minimise long-term and unscheduled maintenance costs, which can quickly mount with older cars due to their condition and the difficulty in sourcing replacement parts.

 We would recommend investing time in a HPI check on any used vehicle that you intend to buy, which details the cars complete history and any secrets that owners may be keen to hide. You can do this simply by entering your email and the cars’ registration, and this can afford you genuine peace of mind ahead of making a purchase.

 You will also need to perform a physical inspection of the car, while requesting up-to-date documentation regarding its MOT status.

 Aim for Fuel Efficient and the Bottom End of Your Budget

 There is a clear trend in the automotive sector at present, as the industry moves towards fuel efficient cars and electric vehicles that minimise carbon emissions. The popularisation of these cars offers you a chance to save money as a motorist, particularly as the price of fuel continues to rise as part of inflation. You can also increase the fuel-efficiency of your car by purchasing an automatic or honing your driving technique, as reducing the amount of revs can actively minimise fuel consumption.

Whether you are buying a car outright or financing a purchase, you should always aim for the lower end of your budget. This ensures that you are never required to spend outside of your means, once you begin to consider additional motoring costs such as insurance and scheduled maintenance.