It is known all too well that owning and running a car can be a major expense. It would not be incorrect to say that in some people’s lives, running a car is one of the largest personal expenses they have. Whilst the expense of running a car is appreciated, there are obvious benefits to having a car and some people simply could not go about their daily life without one. Luckily, there are ways that you can save money on running a car and the expenses which are part of that. These methods should help improve your relationship with your car. It goes without saying that any potential savings on your car do depend on each individual case and your personal financial situation. However, this guide aims to point you in the right direction in saving money on your car expenses.

Saving money on your car insurance

car-insurance Car insurance is completely necessary and is a legal requirement, so not paying it is simply not an option. If you are found driving without car insurance, you can be fined and receive points on your license. In some cases, you can be banned from driving for any amount of time. However, it is clear that car insurance can be particularly expensive for your and/or recently qualified drivers or for those who have a poor driving record. Here are some things you can do:
  • Pick up the phone and call your insurance company to ask how much money you can save by raising the deductible on your auto collision insurance.
  • Get to know the certain safety features on your car which may help you qualify for a discount on your insurance. If you have any of these, make them known to your insurance provider and they will apply the discount, saving you money.
  • If you own a car which is older, consider about dropping collision and comprehensive coverage. Collision coverage is obligatory if you have a car loan. Be aware, however, that an older car will weigh the car’s book value against your collision premiums. If you are not aware, your car’s book value is what an insurance company would end up paying out to you if you were ever in a situation where your car was written off.

Saving money on petrol

petrol-pump Petrol prices have recently hit a record monthly rise, but there are a few things that you can do as to cut down the prices personally. A sure way to save money on petrol is to simply use your car less, taking public transport or just walking more – this will also help to improve the environment.  Nevertheless, it is acknowledged that this is not always as easy as it seems and many of us rely solely on our car. To save money on petrol, make sure the tyres are inflated – if the tyre pressure is low, it will increase the drag of the car, using up more petrol. When you go to fill up your petrol tank, it is actually wise to not fill it up to the top. Some of the petrol which you had paid for may start overflowing when the sun causes it to expand. Furthermore, petrol is heavy and having a full tank can weigh down your car, resulting in more petrol being used to drive your car. You should aim to fill up the tank about three-quarters of the way or even halfway, each time. To further save money on petrol, as the running theme seems to be the weight of your car, consider decluttering your car to make it lighter and therefore using less petrol. Having too many things in your boot can mean your car is carrying a lot of weight.

Saving money on car maintenance

tyres Along with having to actually purchase the car and then pay for insurance and petrol, the maintenance of the car is constantly and can be costly. By simply prioritising the health of your car, you will not only extend the lifespan of the car but also save costs along the way in terms of repairs and replacement parts. Make sure you change the oil and oil filter for around every 3,000 miles you have done. The more frequently you go about changing the oil, the longer the life of the car’s engine will be. Simply doing this will be far more cost-effective than paying for repairs. In addition, check the fluid levels of your car frequently. The life of the car’s battery can be shortened by low battery water. It also important to check the coolant, brake fluids, clutch fluid and automatic transmission fluid.

Daniel is a loans expert based in London and has been working in the payday loans industry since 2010.