Your car is likely one of your most prized possessions or at the very least a wise investment.
Right off the bat, you were probably aware that is likely to continue costing you a bit of money. With the amount you paid for it (or continue to pay for it through repayments) and the daily maintenance cost that it incurs, having a car can be quite expensive.
However, there are some things you can do to help cut those expenses. We’ve compiled the best ways to save money on your car, and you’ll be surprised at how simple some of them are.
Save Money on Insurance
Shop around for the best price
Before you renew the car’s insurance, shop around for the lowest price from different companies by comparing annual quotes. It’s easy to fall into the habit of just renewing with the same provider but remember that shopping around may give you big savings, especially when you don’t have any traffic violations or previous accidents history.
Do you need comprehensive insurance
Consider removing comprehensive coverage from your insurance premium once the car gets old. You don’t need to be paying for high level coverage if the policy cost is larger than what your car’s market value is, it’s much wiser for your budget to revert to a lower level coverage.
Combine your insurance policies
Get your car and home insurance from the one company. Many of the larger insurance companies offer multi-policy discounts when you combine two or more insurance policies. Make sure you ask when you are shopping around.
Ask for discounts
If your yearly mileage is less than average, companies might offer you a substantial discount. This is one of the best ways to save money on your car, so make sure you ask about other discounts they may have available.
Save Money on Fuel
Mind your driving
One of the best ways to save money on your car, and probably the most practical to do, is to mind your driving. You waste a lot of fuel when you drive aggressively. So, reduce hard braking and rapid acceleration because they can drastically increase your fuel consumption. Keeping your speed consistent is the most fuel efficient way to drive your car.
Turn off your engine when you’re idle
An engine running, even while you’re stationary, is using a considerable amount of fuel every hour. Turn your engine off instead, because believe it or not restarting your engine will use less fuel.
Watch your use of air conditioning
A car’s air conditioning uses a lot of fuel whenever it is in use. Instead, spend some time driving with your windows down – especially during nice weather. Also, opening the windows when you first get into your car each time will allow the hot air to escape before using the air conditioning, reducing the amount of time it will need to cool the car.
Shop around for the best price
Try using the MotorMouth app to find the lowest petrol prices along your way. You can also take advantage of fuel rewards programs that some supermarkets offer.
Make sure that your car is well tuned up
A well-tuned engine uses fuel more efficiently and will save you a lot of money.
Save Money on Car Maintenance
Limit excessive hard breaking
Driving responsibly can also save you money on car maintenance. Avoiding hard braking not only saves on fuel but also gives your brake pads longer life. You can save a lot when you avoid frequent changing of brake pads.
Get your hands dirty
Another one of the best ways to save money on your car is handling simple repairs by yourself. Small repairs like replacing the lights, fuses and wiper blades are easy enough to do on your own and can save you money on labor costs. There are plenty of great resources on YouTube that step you through the process of some of these simple repairs.
Change oil and filters regularly
To avoid wearing out the engine, do oil and oil filter changes per 5,000-10,000 kilometers. It will save you money on repairs and will extend the life of your engine further. Also, change the air filter regularly. This can maximize the fuel efficiency and can also avoid engine wearing.
Check tyre wear regularly
Make sure that the tyres are running the correct air pressure because under-inflated tyres can lose significant fuel efficiency. Also, don’t forget to swap your front tyres with your rear tyres regularly. Front tyres wear much faster, switching them with the rear ones will ensure that they all wear evenly and will prevent you from having to replacing them early.
Save Money on Refinancing
Aside from these tips to save money on your car, you might also consider revisiting your existing car loan. Cross verification with other lenders to check if there are cheaper options to refinance your car loan may save you money by offering you lower interest rates, more flexible repayment terms, or cheaper fees.
At Aussie Car Loans, we offer a wide variety of car financing options that suit clients with different financial status. Contact us to check if our car loan refinancing options are better than what you currently have.