How to Reduce the Cost of Owning a Car

Buying a car is expensive, but so is owning one. You have to think about associated costs like insurance, fuel, repairs and many others which can add up quickly and cause considerable financial strain. Fortunately, there are a few things you can do to reduce the cost of owning your car. Here are five of them.

Use OEM Spare Parts

Spare parts can be very expensive, especially if you drive an expensive exotic car, or one whose parts are in high demand. OEM (Original Equipment Manufacturer) parts are made to the same specifications as original parts, with the key difference being that they come at a lower cost, and you do not get the engravings and logos you get on original parts.

These parts can be ordered online and range from headlight assemblies and axles to side mirrors. Because malicious people already know people order OEM parts to save money, you need to be careful and do enough research so you get your part from reliable and reputable retailers. You can also ask a local mechanic to source the parts for you because they likely already know a few retailers in this network.

Get an Extended Warranty

When buying a new car, it is a good idea to consider getting an extended warranty. This is a warranty that comes in after the expiration of your original warranty. It covers repairs and associated expenses such as labour and parts costs and can save you a lot of money depending on the services you need.

Many dealers already work with companies that offer the services. In case they do not, it is not difficult to find some that do because there are lots of them online. As with OEM parts, do your due diligence to ensure the service company will honour the agreement and be able to offer the specific services you will likely need in the future.

Rethink Your Insurance

Because it is a legal requirement, insurance is something every driver has to pay for. Depending on several factors, you might end up paying hundreds or even thousands of pounds in insurance for your car. To reduce these costs, it is important to rethink your insurance. The first thing to do is to find out if there is enough room to increase your deductible. The deductible refers to the amount you pay out of pocket before the insurance kicks in.

By increasing your deductible, your insurance provider will decrease your premiums. If you are a careful driver and do not get into many accidents, the savings you make from having a higher deductible will help you pay for an accident or incident if you ever need to.

The second is to do some comparative shopping. As with any other purchase, there is a cost savings potential by doing some comparative shopping. This is where you compare different car insurance providers to see what coverage they offer, how favourable their terms are, and how much you have to pay for the coverage. Platforms like Quotezone.co.uk are great at helping you do these comparisons while also making it easy to get in touch with and get a quote from the best car insurance companies in the UK.

Find Ways to Lower Fuel Costs

Fuel is another cost you cannot escape from, at least if you want to drive your car. Fuel costs are highest in families with multiple cars and where people do not think too much about how much they are spending on fuel. If you are concerned, you should start by downloading apps that let you track your fuel usage. These apps will tell you how much you are sending, and how much you would save if you changed your routes.

Second, make as few trips in the car as possible. While there is no way to change the number of trips it takes to get to work and back, you can change the number of shopping and errand trips. Plan accordingly so you can do everything you need to in one go. Having a plan also means you will know where you are going next instead of wandering around town which can waste lots of fuel.

Lastly, slow down. Speeding can decrease your fuel efficiency by over 30% when driving on the highway and by about 5% within city or neighbourhood limits.

Embrace Preventative Maintenance

Preventative maintenance includes routine services and check-ups that can catch issues before they become a problem. Many people send in their cars for a check-up when something has already gone wrong. Once this happens, the cost of repairs will be very high as a small initial issue might have caused a bigger issue downstream and damaged expensive parts. Trying to save money by skipping servicing will cost you a lot of money down the road, so don’t do it.
Owning a car can be expensive, but not if you find ways to reduce the cost of ownership. It will require some changes in how you think about and handle your car as well as the different product services you get for it.

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