Top Tips for Saving Money on Your Car

Cars can be expensive. They can be both a blessing a curse. A blessing in the sense that they give you freedom unlike anything else, and a curse that they can be such a big financial burden. Ensuring you’re prepared for any hurdles that might come your way, I’ve written these top tips for saving money on your car. Aside from food costs, housing costs, the costs of running, owning and maintaining a car can easily be one of the largest expenses in a home. Do yourself a favour by implementing some of these tips:

1) Buy a Car That’s Fuel Efficient

This will be one of your biggest money drainers; fuel. Although fuel prices have dropped recently, it’s still expensive. If you’re dreaming of a new Jaguar then hunt around, certain styles and years have different fuel efficiency so opt for something that you love, but that also is going to be kind to your bank account in the long run.

2) Get Car Insurance

While insurance might seem like a big cost upfront, it’s much better than if the worst happens. I have a friend who was young and a little dumb and was driving a car without insurance. She managed to crash into a high end car and wound up with over $80,000 in debt in her twenties. Thankfully no one was hurt, but this kind of debt can be crippling and life changing – not in a good way. Give yourself the security of insurance so that at least you know if you’re liable for damages to someone else, you’re covered.

3) Minimise Your Car Loan

Many people find themselves with large car loans and feel like they’re only really making a dent in the interest. This can be a dangerous and a slippery slope. If you need to get a car loan at all, make sure you save as much of a deposit as you can so that you can minimise the amount you pay in interest over the course of your loan. Also consider your options, often it is better to get a loan from a bank than directly from the caryard, or vice versa! Shop around and make sure you get the best deal for yourself.

Buying a car is a really exciting time. Use these tips to save yourself money on your car in both the short and long term.