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Easy Cost Cutting Tips for Car Owners

20140916 - car interiorOwning a car can be so expensive when you think about everything that comes with it. It’s not just the original price of the car you have to worry about; then comes rego, insurance, fuel, services etc. The yearly cost of running your car will hit most people pretty hard – but there are things you can do to keep the costs down. To keep the cost of your car as low as possible, follow these helpful hints.

Drive on a budget

It sounds silly, how can you drive on a budget? It’s true that some cars really do just chew through more petrol than others – but the way you drive definitely does affect how much petrol you go through. Beating everyone when the lights go from red to green is fun, but that heavy acceleration will cause your petrol gauge to go down a lot quicker than it needs to. Aim to drive really smoothly, as jerky drivers can go through up to 30% more fuel. It’s also a good idea to slow down, as speeding and fast acceleration can lead to accidents – though there are definitely places that can help you out if you get yourself into a pickle like that: Turner Freeman can definitely give you a hand with accident compensation. Stay safe, save money and slow down!

Don’t brake so hard

Your brakes don’t last forever – and replacing them can be a costly exercise. As with the above tip, slowing down and not accelerating as fast can help you avoid braking too much. Riding the brakes can add as much as 35% to the fuel consumption of your car.

12 month registration

It can be easy to get in the habit of paying your registration half yearly – some people just don’t have the money for a full year’s registration, which is fine. However you can save quite a bit of money by paying in full, rather than the two separate fees a year. Just something to think about!

Insurance

Getting insurance is so important – if you have an accident, it’s better to pay your insurance company the excess fee and let them cover the rest, rather than fork out hundreds, even thousands, of dollars to fix your vehicle. The money you spend on insurance is definitely worth it when you don’t have to pay for repairs on your car after an accident! It’s also a good idea in case you hit a $300,000 Porsche – you probably won’t be able to afford to fix that one on your own! Don’t get stuck in the mindset that you’ll “probably never have an accident” – due to Murphy’s Law, you probably will if you’re not insured!

Maintaining a vehicle is a very costly thing to do – but it’s worth it. Simply follow these handy tips and tricks and you should find yourself saving money on fuel consumption immediately. It’s not as hard as it sounds – drive smart, smooth and slower; it might not be as much fun, but it’s safer and cheaper!

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AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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