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Top Tips for Saving Money on Motoring

Saving on on-going motoring costsBefore choosing a car, it’s important to look into how much it’ll cost you on-going, so here are some top tips on how to save money on the on-going running of a car.  The on-going costs include, aren’t limited to:

  • Insurance costs
    Cars are classified into insurance groups based on a number of factors including engine size, body type, security ratings and repair costs and these groupings have a big impact on insurance costs, therefore choosing a car in a lower insurance group can save significant costs. Car insurance can also be reduced by keeping the car in a garage or off road, increasing voluntary excesses, having an alarm and immobiliser professionally fitted as well limiting planned mileage. Other factors to consider, but which you might not have control over are the drivers age, driving history (e.g. if the driver has points on their license) and insurance no-claims-bonus – so younger drivers may be better off buying a car with a smaller engine with good security and parking it off-road where possible.
  • Road tax
    In the UK, road tax is determined mostly by emissions which often increase with engine size. In order to reduce road tax costs, cheaper cars often have smaller engines or are highly economical on their fuel usage. Electric cars are currently tax exempt (but have a limited second hand market at the moment) and also classic cars (those made before 1973) don’t require road tax. Paying for road tax over a longer period, e.g. a year compared to only buy six months at a time, can offer some savings.
  • Fuel prices
    Fuel prices can be a significant cost when owning and running a car therefore it’s important to take a cars miles per gallon into account, as well as average weekly mileage. Cost savings can be made by car sharing with work colleagues or friends at college to split petrol costs as well as buying fuel from supermarkets, who are often substantially cheaper than independent petrol stations as they sell it as a loss-leader against other in-store purchases. Whilst fuel efficient cars can save significantly, driving styles can also have an impact so not accelerating or breaking hard reduces fuel usage.
  • Servicing and maintenance costs
    Newer cars and higher end luxury model cars such as used BMWs such as the 3 series, Mercedes, Jaguar and Audi’s are likely to warrant maintaining a main-dealer service from maintain a full service history in order to keep its resale value high when being bought or sold in the second hand market.  However slightly older cars from more mainstream makers such as Ford, Vauxhall and Renault may offer significant savings by going via a local independent garage. If you’re mechanically confident or don’t mind getting your hands dirty, it may be beneficial to undertake some repairs yourself as buying parts from a motor factors and fitting them can save huge amount of money. Easy to change parts such as light bulbs can also significantly reduce the risk of MOT failures and expensive garage labour costs so it’s important to give your car a once-over check for the basics before taking it in for it’s MOT.

 

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2 Responses to “Top Tips for Saving Money on Motoring”

  1. There’s a tool on the CAP website that lets you compare the cost of owning different cars, including things like servicing, mileage, etc. Very useful http://www.cap.co.uk/consumer/

  2. After buying a car according to our need and financial status we need to focus on stopping wastage of money and effort over costly maintenance and accessories. If we maintain our vehicle in a very good condition by periodic maintenance and smooth driving we can save much money on maintenance.


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