Owning a car comes with a lot of additional costs when you compare it to your life before you were a qualified driver. You will need to pay for things like fuel, maintenance, insurance and other services.
In 2023, the average cost of running a car was £3,406.80 for individuals without finance. That figure jumps to around £5,744 if you are paying a finance agreement as well. There are ways to make these payments slightly more palatable without compromising on quality or safety.
Fuel costs
Most of the cars on the roads today require petrol or diesel to run. If you add up how much you fill up across a month or even the year, it adds up to a good chunk of your money.
To reduce the costs, start by considering if it would be cheaper to use public transport. Once you factor in fuel costs per journey as well as parking or toll bridges you may realise public transport will save you money each month. If public transport isn’t reliable enough for you, look into ride-sharing with your colleagues.
If you do have to drive, try to be more economical with your driving. Breaking smoothly and driving in the right gear will help your car use fuel efficiently, meaning you get more for your money.
Maintenance
Car maintenance costs can often come at the worst time. By doing regular car checks you may be able to spot any issues before they become expensive issues. Book your MOT online as well to ensure you get it done in good time before it expires.
If the irregularity of payments is difficult, you may want to look into signing up for a serving plan. Some providers offer payment coverage in exchange for a monthly subscription fee. This can help you budget monthly without worrying about extra charges. Remember to check any exclusions, though.
Insurance costs
Having the correct car insurance is a legal requirement and it can be one of the most expensive payments surrounding your car. Every time your policy is up for renewal take some time to use comparison sites to make sure you are getting a fair price.
Policies with black boxes tend to be cheaper as they can monitor how well you drive. For the most conscientious drivers, this can only be a benefit.
Avoiding fines
Anyone who has been penalised before will attest to how expensive fines and penalties can be. Breaking the law should be something that you try to avoid anyway, but the financial cost may help.
When you are driving, stick to the speed limit even if you think it should be faster. There is always a reason that they are in place, and the consequences for speeding could be worse than a fine.
Parking is another area where you could get fined. Remember to check the placement of your parking ticket to make sure that it is visible to any inspectors. Plus, make note of any parking restrictions such as time limits, customer-only zones or loading bays.