Getting a vehicle, a car, in particular, is a big investment. Not only do you have to worry about the price tag but also maintenance and fuel costs as well. You have to also consider insurance and road tax.
With so many factors to consider, it can be tricky to stick to your budget.
However, here are top tips to help you save some money:
Keep fuel costs at bay
With the increase in fuel prices, choosing a car that’s as economical as possible can help keep fuel costs down while also being environmentally friendly. For instance, electric and hybrid cars can have cheaper running costs than diesel cars.
In addition to this, also ensure that your types are always inflated.
Lastly, only keep essential items in your car boot as excess weight in your car could make it burn fuel faster.
After the price of your car, car insurance is another cost that needs to be considered as it’s one of the largest annual expenses.
Therefore, shop around for good car insurance deals on price comparison websites.
Low road tax
This is another important factor (and expense) to consider. Some vehicles registered before April 2017 as well as electric cars, don’t require you to pay any road tax which could make them a more cost effective option in the long term.
The amount of road tax you’ll pay will largely depend on how much CO2 your vehicle emits, so it’s worth researching this prior to buying a car to get an idea of the annual cost.
Spread the cost
When buying a vehicle, see what payment plans the car dealership has to offer. Be aware of ‘buy now pay later’ and the minimum payment trap. Also, keep up with monthly payments as per the contract of each car dealership.
You can even part-exchange your current car against your new one, which can lower your monthly payments.
Keep up with regular maintenance
By always maintaining your car, it will help with lowering your car costs in the long term.
Maintain your car/vehicle by:
- Checking the tyre pressure regularly
- Checking the oil and brake fluid regularly to keep your vehicle in good working order
If you need help with the transport costs, Thamesbank can help. With our transport loan, you can borrow up to £5,000 that is repayable over up to five years (60 months), where the interest rates will be commensurate with the size of the loan. There is no set-up fee or early repayment charges. Simply complete our online form.