5 Ways to Make Car Ownership More Affordable
Many of us would never be able to live without a car to get us around. Whether it's to commute to work, dropping the kids off at school or to enjoy a weekend road trip, you may see a car as an essential purchase.
When you shop around for cars, you may notice the cost to buy a new or used car is higher than it's ever been. And not to mention, the cost of owning and running a car is higher too.
Make your next car deal cost-effective and follow our 5 easy steps to making car ownership work for you.
1. Spread the cost with finance.
If you’re struggling to pay for a car with cash, you could consider car finance to help you pay for it.
There are many cars on finance with no deposit to pay but you will have to find a lender to agree to give you the money first. If you get approved for a car loan, you can choose a term that suits your monthly budget and pay for a car over several years.
It can be hard to save up for one lump sum payment, so car finance lets you make the car buying process more affordable by splitting it into smaller installments.
2. Shop around for car insurance.
One of the second biggest car costs you will need to pay for is car insurance. All cars driven on UK roads must have a valid car insurance policy in place.
Car insurance costs can vary massively between different drivers. One of the biggest factors which affect car insurance premiums is how long you have been driving for. Drivers who have recently passed their driving test can face some of the highest car insurance rates as they are more likely to be involved in a car accident in the first year of driving.
Other factors which can affect your insurance are the type of car you drive, where you live, where you keep the car and how many years of no insurance claims you have.
3. Drive like you’re a learner.
Knowing how to save fuel and cut your running costs can make owning a car more affordable. Bad driving habits can increase your fuel consumption and waste money.
Sometimes taking a step back and going back to driving like how you were taught on your driving test can help you to save fuel.
You can reduce how much fuel you're wasting by anticipating the situation ahead, braking in good time, avoiding excess speeding, shifting to a higher gear as early as possible, and ditching any unnecessary weight in the vehicle.
4. Keep up with maintenance.
Once your vehicle is over 3 years old, you will need to have an annual MOT performed to make sure your vehicle is road worthy.
Having your car serviced isn’t a legal requirement but it is highly advised. Regular MOTs and servicing help to keep your car in the best condition it can be, spot any needs for repairs and can even increase its resale value.
5. Drive an electric car.
If low car running costs are your focus, you could consider going all electric. One of the biggest selling points of owning an electric car is low running costs.
Whilst electric cars do have a higher purchase price due to the more modern technology and lithium batteries involved but many EV drivers argue their running costs can outweigh the initial purchase price.
Electric cars are cheaper to run because they have fewer moving parts and servicing costs are cheaper. They are also much cheaper to recharge at home than it would be to refuel with petrol or diesel. Electric cars can also benefit from no or low road tax and no charges in clean air zones.
