Savings you can make on your car right away

Your car is unfortunately an almost entirely necessary, very expensive asset. Factoring in petrol, servicing, expenses associated with purchase, repairs and cleaning, your car can be one of the most expensive things you own.

There are a few things you can do to minimise the ongoing costs of your car.

 

Car pooling to save money

Car pooling is becoming more fashionable and popular as petrol prices remain high and Aussie cities remain choked with rush-hour traffic. Most people car pool with colleagues or friends who work in their vicinity. If you can find someone at your work who lives near you and is willing to car pool you can literally halve the weekly cost of your petrol. Since you’ll be driving your car less you’ll also increase the time between services and reduce general maintained costs.

If you don’t have any acquaintances who are interested in car pooling, try a website like Gum Tree.

Handwash your car to save money – not pay for it

A full commercial car wash can set you back about $$$$$, a cost that adds up if you wash your car every fortnight or even every month. Compare that to the cost of a soapy bucket of water, a sponge and a little elbow grease and the maths does itself.

Service your car cheaply and regularly to save money

You shouldn’t neglect your car and the better condition you keep it in, the more value will be sustained in the vehicle. Service your vehicle promptly when it’s due and keep the log book in good order. This will also add value to the vehicle if you decide to sell and lessen the risk of serious wear and tear.

Know when to sell your car and what car to buy

Keep your eye on the market and know how much your car would be worth if you elected to sell it. If it looks like the value of your car is going to plummet, try and sell the vehicle and replace it with a model which will hold its value. This way you avoid losing thousands of dollars each time you buy a new car.

As much as possible, pay particular attention to the fuel efficiency of a vehicle and take that into account when deciding what car to buy. You should also consider how a model holds its value.

Have comprehensive insurance

This is a good example of where it pays in the long term to spend a bit up front. Accidents happen all the time and unless you have money to burn, the last thing you want to worry about after a serious prang is financing a new car. The most important thing is to research different policies and make sure you buy one which suits you and your budget.