The cost of running your car be a sizeable part of your monthly bill. Between tax, insurance premiums, maintenance, and even parking, the total expenses can be shockingly high. In fact, the average monthly cost of running a car is estimated to be a whopping $713, including depreciation. Thankfully, there are plenty of simple things you can do to shave a lot off your bill. Here are 5 to get you started to decrease your car expenses.
Compare Insurance Providers
Car insurance premiums can easily exceed $100 a month. As such, they are one of the most substantial parts of your monthly vehicle expenses. And while it can be convenient to just roll over your coverage with your current provider every year, this can lead to you paying much more than necessary.
You should therefore always compare car insurance quotes before renewing each year. Doing so is a fairly quick process nowadays, and can easily save you hundreds of dollars annually.
Look for Ways to Reduce Your Insurance Premiums
Beyond comparing providers, there are also multiple other ways you can lower the amount of premium you pay. Paying yearly premiums upfront, as opposed to monthly, is one option.
If you are young, adding an additional older, more experienced driver to your policy can also help reduce costs. Elsewhere, some providers also offer you lower premiums if you agree to install a telematics box, which records data about your driving.
Minimize Your Fuel Consumption
Fuel is another huge expense when you use a car regularly. The depletion of resources may also mean that this cost increases in the future. Fortunately, a number of driving habits can be used to reduce the amount of fuel used. It’s first worth identifying the cheapest fuel providers in your local area.
Minimizing your use of air conditioning and heating, especially at low speeds, can also help decrease your fuel consumption. Checking your tire pressure regularly can also be useful since flatter tires can reduce fuel efficiency. However, there is of course nothing more effective in conserving fuel than only using your car when absolutely necessary.
Surprisingly, the quality and safety of your driving can also affect how much you pay for insurance, fuel, and maintenance work. Safer driving will likely reduce the number of claims you need to make on your car.
This will help you build up your no claims bonus, which can reduce your premium costs by as much as 80%, after several years. Avoiding things like sudden, harsh braking or turns will also decrease your fuel consumption. Similarly, this will prevent unnecessary wear and tear on the functional components of your car, saving you money on repairs.
Invest in Regular Maintenance
This may seem counter-intuitive, but getting a garage to take a look at your car periodically can save you a lot of money on expensive repairs in the long run. Replacing or fixing crucial components like your transmission or engine when they break down entirely can cost thousands of dollars.
Comparatively, having these issues sorted before they progress is often a fraction of the price. To further save money in this respect, you may also consider learning to perform small repairs like oil changes yourself.