Five Steps To Lowering Your Monthly Car Ownership Costs

Blog post   •   Feb 04, 2011 09:41 GMT

It’s no hidden fact that owning a car is expensive.

When you were learning to drive, everyone would have told you that whilst having a car is great, it’s going to mean that you have no money, as it all goes on paying for everything from petrol through to maintenance.

And as you get older and your circumstances change, these costs don’t generally get cheaper and in fact increase, as you need bigger, more powerful cars (or you head in the other direction and get sportier models with a lower MPG).

Whilst a lot of people don’t do much to affect their monthly car ownership costs in a positive way, taking them for what they are and paying out however much they need to, there’s plenty that can be done and the following five steps are all ways that you can lower your monthly car ownership costs easily.

1. Use a car lease – many people assume that they have to own any car that they have as this is the ‘right thing’ to do.

If you’re the type of person that changes their car regularly, however, you could save yourself a small fortune by taking advantage of a car lease.

Meaning that you don’t own the car but drive around in it for the agreed number of years, you pay a monthly fee which can be up to 60 percent less than buying the car with a personal loan.

2. Start accelerating and braking properly – one of your largest expenses is likely to be your fuel costs and therefore it’s a great idea to start increasing your MPG rate so that you get more miles for your money.

The best way to do this is to start accelerating and braking properly – accelerating harshly and leaving braking to the last second might be a way that you’re comfortable driving, but it does absolutely nothing for your MPG.

3. Empty your car – another way to increase your MPG rate is to take any unnecessary items out of your car, as the more weight that you car has to carry, the harder the engine has to work, which results in a lower MPG.

Don’t forget to check in your boot, either – do you really need a comprehensive breakdown kit full of tools if you have breakdown cover?

4. Plan your journeys – you might think this isn’t necessary if you’re only travelling along certain routes each day, but just because you travel along the same roads, it doesn’t meant that they’re the shortest roads and you may be able to travel in a quicker way if you plan each and every one of your journeys.

5. Start car sharing – something that many businesses already promote to their staff, it’s worthwhile looking to see if you can share your journey to and from work with colleague, as you could also share the petrol and car parking costs.

Obviously you don’t want to be going out of your way so that it works out to be a worse option, but you might just be surprised at how many people you work with actually live near you or could be picked up easily on the way to work.