Is Your Car Draining Your Bank Account?

By Personal Finance Desk

Thursday, June 7, 2018.

Let’s face it, no matter who you are, your car is going to be one of the most expensive things you own. Not just because of the money you spend buying it but because of the ongoing costs as well. However, that doesn't mean that you should put up with huge amounts of money going down the drain because of your vehicle. After all, you've probably spent a lot of money to actually buy the thing, so that last thing that you want is to end up spending even more just to own it and keep it running. With that in mind, here are some simple ways to can make sure that your car isn't draining your bank account.

Reduce the cost of petrol

A lot of people assume that the amount that you spend on fuel is going to be a pretty fixed prospect. Surely your fuel consumption will simply come down to how economical your car is combined with how much distance you have to drive regularly. However, the way that you drive can actually have a pretty significant impact on your fuel consumption as well. If you're always pushing the engine to its limit and staying at the very top of the speed limit, then you're going to burn through fuel much more quickly. The same goes for driving in a lower gear all of the time. Sure, you might have a little bit of extra control over things like acceleration, but you're going to massively increase the speed at which your fuel tank drains.

Reduce your insurance

Everyone is aware of how important it is to have insurance for your car. Sure, it might not be something many people are happy about paying for, but most people are aware of why it's necessary. But it's all too easy to end up paying way more for your car insurance than you should be. One of the most common reasons that this happens is because people tend not to change their insurer that often. Insurance companies know this and rely on that fact to slowly increase their prices year on year. Look for new policies from places like John Lewis Car Insurance to find the best possible deal. It’s a little more inconvenient but the money you save is going to be well worth it.

Drive more safely

Your driving isn't just going to have an impact on your fuel consumption either. It can actually have a big impact on the condition of the car itself. Every driver knows how expensive and inconvenient it can be to have to take your car to a mechanic constantly, and yet people tend to ignore the ways in which their driving is causing that very thing to happen. If you're constantly pushing your car to its limits, then you're going to be putting a lot of strain on the engine, brakes, and gears. If you're driving dangerously then, you're not only more likely to get into an accident, but you're going to wear down the important parts of your vehicle much more quickly than they otherwise would.

Sure, you’re never going to be able to totally eliminate the cost of your car, but at least this way you’ll be able to reduce it to the point that it’s not a serious drain on your overall finances.