Truth be told: Cars can cost you a lot of money. One major problem most car owners face is how fast the value of their car go down, but it doesn’t end there. Cars also consume a lot of fuel and it requires constant maintenance which can make a serious dent on your budget if left unchecked.
Between insurance, maintenance, car payments and interest, gas, and other related costs. It is estimated that the cost of owning a car is about £ 3800 a year – and parking is not included. We’ve compiled several ways to reduce the cost of owning a car on your monthly budget.
Make use of public transportation.
There are times you need to park your car at home and take public transportation. You’d be surprised at how much you’ll save on parking, maintenance and gas over time. For a fraction of the cost of owning a car, you can move from one place to the other, and to important events without breaking a sweat.
With the advent of Rideshare services like Uber, Lyft and ZipCar, it is now easy to live without a car in major cities of the world. You can rent or hire a car for a night out, the random Costco runs, or a day trip.
Sell your old cars
If you own a vehicle that you use infrequently, you should consider selling it off. The best part is that you will save a lot of money on insurance. If you are lucky and your car is in good condition, you can get a reasonable price for the vehicle. This can go a long way in beefing up your savings or you can use the funds to pay off any debt with high interests.
If you get the chance to share a ride to and from work with somebody else, it’ll go a long way in reducing how fast the car will deteriorate. You’ll also save money on fuel and you can use the carpooling lanes that let you get to work more quickly.
Inflate the tires on your car correctly.
Every month, visit a gas station close to you and check if the tires on your car are correctly inflated. If the tires are not inflated as it should be, fill each tire to the recommended amount as it is written in your manual.
Tip: for every 2 PSI of air you add to your car tires, it can increase your fuel mileage by 1 percent so getting it right is imperative.