Owning a car is an essential expense for most people and your car running costs might seem inflexible. However, you’ll be pleased to know that there are dozens of ways to cut back your spending and save money. Here are some of the best tips to reduce your car running costs.
Review your car insurance
Vehicle insurance is a big expense of running a car and prices can vary significantly depending on which provider and coverage you choose. A simple way to reduce your insurance costs is by downgrading your policy, for example from comprehensive to collision coverage. However, you will be responsible for more of the costs if you are involved in an accident, so you must keep this in mind.
Shopping around and comparing prices with different providers is an easy way to reduce the cost of your insurance without downgrading your coverage. According to Root Insurance, you could save hundreds of dollars on your car insurance each year by taking their Test Drive. This unique app analyses your driving behavior using sensors in your smartphone so that Root can provide you with a competitive quote based on your driving rather than your demographics.
Drive carefully and don’t speed
Driving aggressively and speeding is not only dangerous, but it can also put a strain on your car and lead to significant wear and tear. Driving carefully and sticking with the speed limits will keep your vehicle running smoothly and help you avoid costly faults and repairs.
Keep in mind that accelerating quickly is bad for fuel economy and will mean that you have to fill up more frequently. Keep gas costs lower by driving at a slower speed and avoiding rapid acceleration. The U.S. Department of Energy estimates that “reducing your speed by 5 to 10 mph can improve fuel economy by 7%-14%.”
Learn basic car maintenance
Car repairs are one of the most expensive parts of owning a vehicle and even relatively simple repairs can cost hundreds of dollars. Completing basic car maintenance checks like inspecting your tire pressure and oil level at least once a month, will improve your car’s performance and reduce the likelihood of issues.
Learning how to do basic car maintenance tasks will also help you save money as you won’t need to pay expensive mechanic fees. According to lifehack.org, every driver should know how to change the oil and filter, replace a flat tire, change faulty spark plugs, and replace a broken headlight.
Carpooling will reduce your car running costs as it will reduce the amount that you drive, slash your gas costs, and put less wear on your vehicle. You can try carpooling with work colleagues, course mates, or family members.
Ongoing costs like gasoline, insurance, and vehicle maintenance are an inevitable part of owning a car. These running costs cannot be avoided, but there are lots of easy ways to reduce your vehicle expenses. These tips will make owning a car more affordable and help you save extra each month.