LIFESTYLE: How To Stop Your Car Guzzling All Your Money

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Owning a car can be very expensive. In fact, the average car costs £160 per month to run. There are ways in which you can reduce the costs of car ownership. Below are a few tips for spending less money on your car.  

Know when to repair - and when to replace

If you’ve got an old used car, there’s a greater chance that you’ll encounter mechanical problems through wear and tear. Some of these mechanical problems could be expensive to repair. 

Once the repair costs start piling up, you should consider whether the vehicle is worth keeping on to - especially if it has done over 120,000 miles. You could save money in the long run by scrapping your car and buying a new vehicle in better condition that won’t encounter as many faults. Don’t keep pouring money at a car that keeps breaking.

Invest in decent tyres

A lot of car owners make the mistake of buying cheap tyres whenever they get a puncture. These cheap tyres are likely to wear away more quickly - if you plan to own your car for a few more years, you could find yourself making more frequent replacements. 

Mid-range priced tyres are more likely to last longer and they may even provide increased fuel efficiency. They’re usually a much better investment for this reason.

Shop around for insurance

Many of us stick with the same insurer year after year - usually out of convenience and because we want to protect our no claims bonus. However, in most cases you can save more money by regularly shopping around and taking advantage of new customer discounts. 

If your insurance is about to run out, don’t just let it automatically renew. Click here to see what deals are out there. Look beyond comparison sites as these don’t always have the best deals. 

Shop around for fuel

Fuel costs can add up throughout the year. Many of us visit the same petrol station every time we fill up (usually the one that is most local to our home). However, you could save money by shopping around for fuel.

There are apps that can compare petrol prices in your area to give you an idea of the lowest rates. Use these apps and see what rates you can get. It could also be worth downloading apps that allow you to collect loyalty points and get rewards. 

Drive less often 

An obvious way to spend less money on your car is to drive it less. You won’t have to visit the petrol station as often and you may save money on parking fees too if you live somewhere that’s quite heavily developed. 

When it comes to short local journeys, consider whether walking or using a bike is an option. There’s usually no point in driving to a friend’s house situated a couple streets away or driving to the local shop if you just need to get one or two items. Walking or cycling will take you longer, but if you plan ahead this shouldn’t be a problem.

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