How to save money on car-related expenses this financial year
- Written by NewsServices.com
Once you've found your perfect ride, secured car finance online and are ready to hit the road it's important to plan ahead for the year on how you can save money on ongoing vehicle expenses. With a little research and ingenuity, you can probably save quite a bit of cash in the long run.
Here are some simple ways to save money on your car:
Refinancing your car loan
If you have a car loan, one of the first things to do is contact your lender and ask how refinancing can save you money. Many companies will reduce the interest rate or offer a lump sum payment plan if they're confident you'll pay it back with no problems.
Choose a cheaper insurance company
Just like you can refinance your loan, you can also change the provider of your car's insurance. Contact your current provider and ask for how much they'd charge to insure the difference in value between your old car and your new one (for example, if you paid $3000 three years ago and it was worth $1600 now, they wouldn't need to insure much of the difference). This way you can save money on your insurance for a car that isn't worth as much.
Work out an average per kilometre cost
Laying down some ground rules is the best approach before you start driving. No matter how simple it may seem, working out an average per kilometre cost is a good idea if you're not planning on making the same commute every single day. If you do vary your route, just make sure that you have one so-called `base' or regular number to go by.
Keep your car in good condition
If your car breaks down this year and you don't have money to fix it, that's another expense you aren't going to be able to recover from. Keep your car in good condition by keeping a schedule of regular services, be sure to get your wheels aligned whilst doing this – ask an expert at a local garage for help with this if necessary.
Summary
If you're looking to save money on your car expenses this financial year, you'll need to make a few adjustments. You can start by refinancing your loan with the auto company, looking into your current insurance and then working out an average per kilometre cost for petrol before finally keeping your vehicle in good condition so it doesn't break down! These are just some of the many ways that you can cut back on costs when owning a vehicle.
