Cars are expensive, but the good news is that as technology improves, cars become not only cheaper to buy but to maintain as well. There’s a lot of things going on within the spectrum of car technology and one thing that’s dramatically changing is the type of fuel we use. In the past few years we’ve seen countless car companies release electric cars or hybrid cars, which is not only great for the environment, but it also has a serious impact on our wallets too – and for the better. Here are my tips for the top ways to save money on your car.
1) Get a Fuel Efficient Car
Whether you choose a car that’s electric, hybrid or a standard petrol car, make sure you get the most fuel efficient car that you can. I recently bought a Mazda Cx-5 and while it still uses fuel, it has a few fuel efficient features to ensure I’m using as little gas as possible, such as the iStop feature that stops the engine when you have your foot on the brake. Obviously the best option to lower your fuel costs is an electric car, simply charge it and you’re good to go. Whichever type of car you choose to buy, keep in mind the long term costs of ownership. Motorparks.co.uk have made a great infographic about the future of fuel which I’ll post down below.
2) Get it Serviced Regularly
Getting your car serviced when they suggest you service it, which is usually around every 5,000 km for new cars and then every 10,000 for older cars, will ensure that the mechanics will pick up any small issues along the way before they turn into big, expensive problems. This is an easy way to keep your car ownership costs down while ensuring that you’re keeping the car well maintained, so it can last even longer.
3) Avoid Finance Where Possible
Finance companies are designed to make a profit, obviously, and that profit comes directly from your pocket. The best way to lower your expense of owning a car is to not have any debt associated with it. If you are unable to purchase your car without borrowing any money, try to make payments as aggressively as possible so you can have the car paid off as fast as possible. Another option would be to buy a cheaper second hand car, that you can afford to buy in cash. As a general rule, debt isn’t good for your bank balance, especially when it’s for something that’s more of a liability than an investment.
These three tips will help you reduce the costs associated with owning a car. If you want to learn more about the future of fuel, check out this awesome infographic by Motorparks