Published On: Wed, May 3rd, 2017

Motoring Financial Drawbacks And How You Can Combat Them

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Our vehicles can be a costly purchase, can’t they? If not for the initial outlay of buying the car, we can often forget about maintaining them, repairing them and even fueling them. All of which have a cost and they can surely mount up over time if you don’t take control of the situation. Which is why I thought it would be worth sharing with you some of the ways you can combat that situation and make your car work better for you, financially speaking.

Don’t pay too much for insurance

Insurance can be a huge cost to you each month, or even annually if you are fortunate to pay in advance. But some people can be a little lazy with their insurance quotes meaning they spend far more than they need simply because they don’t change provider. Some people may think that changing insurance companies is a long and unnecessary task, but insurance companies are banking on that. Meaning you may be paying more than you should be each year for insuring your car. It’s simple to do, and with the use of comparison sites, you can easily change your insurance and get a cheaper quote the very same day if needs be. Of course, there are instances where your insurance is cheaper by staying with your current provider, but you won’t know that for sure unless you check.

 

Replace your car instead of hemorrhaging money

Replacing a car may seem like an expensive thing to do, but if your current vehicle is in the garage each week costing you a fortune then why wouldn’t you consider upgrading to a newer model? Often, people feel they don’t have the money to change their cars, but some dealers can help with finance options. Even if you have a poor history websites like ApproveNow could help you out. While you may think to pay monthly is an unnecessary outlay, a newer car could come with a warranty meaning in the long term you are saving a fortune on potential repair costs.

 

Budget for repairs on a yearly basis

One big mistake people can make is not budgeting for wear and tear items throughout the year. These are things like brake pads and discs, tyres, wipers and bulbs. All of which could need replacing at any given time. However, placing a little money aside each week or month could help you get out of a sticky situation when it comes to your regular service.

 

Calculate your fuel costs each week

Finally, owning and paying for a vehicle is one thing, but running it is often a cost nobody budgets for. How much does it cost each week to get you to work and back? Have you got the right car for the type of mileage you drive? This is when simple online calculators can help you work out exactly how much you spend each week when driving your car. It helps to budget for these things when it comes to being stricter with your finances.

I hope these tips help you improve your motoring finances.

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