Owning a car comes with a steady stream of costs, and it’s easy to see how these expenses add up over time. But with a bit of planning and thought, you can make your car a more economical part of your life without sacrificing convenience.

Consider your budget

It might be tempting to go for a flashier model or a larger vehicle, but remember that the running costs will increase with size, engine power and fuel consumption. Consider opting for a more fuel-efficient car that’s within your budget to purchase and run.

Vehicles with smaller engines tend to consume less fuel, which can save you a significant amount each month on petrol or diesel. Additionally, a vehicle with a smaller engine is often cheaper to tax and insure, which adds to the overall savings.

Choose telematics insurance

Insurance can be one of the largest ongoing costs associated with car ownership. One way to lower the expense is by opting for telematics insurance, often known as “black box insurance”. This type of policy uses a small device installed in your car to track your driving habits, such as speed, braking and how often you drive. If you’re a safe driver, telematics insurance could significantly lower your premium by showing insurers that you’re a lower risk.

Drive smarter and save fuel

Your driving habits play a big role in the amount of fuel you use. Simple changes to the way you drive can cut your fuel costs considerably. Start by avoiding rapid acceleration or heavy braking, as both of these increase fuel consumption. Instead, aim for smooth acceleration and anticipate traffic to reduce unnecessary braking.

Another way to save fuel is by driving at more consistent speeds. When possible, try to keep your car at a steady speed, especially on motorways or open roads. Don’t forget to check your tyre pressure regularly too. Under-inflated tyres can increase fuel consumption because they create more rolling resistance.

Maintain your vehicle

Regular maintenance is crucial for keeping your car running smoothly and avoiding expensive repairs. A well-maintained car is less likely to experience breakdowns, which can be costly.

A simple oil change every few months can help your engine run more efficiently, and replacing worn-out filters can prevent engine strain. Make sure to have your vehicle serviced by a professional to pick up any issues.

Carefully consider finance options

Look at the terms of any finance deal carefully to make sure it suits your budget. You may be better off with a personal loan, as this allows you to own the vehicle outright once it’s paid off. If you’re looking at leasing options or hire purchase, be aware of the additional interest and fees that can add up over time.

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