Purchasing a vehicle is by no means a low-cost venture. You’re bound to have to fork out for all sorts of costs that come hand in hand with purchasing and maintaining a car. However, that’s not to say that you have to accept the first deals that present themselves to you. There are various areas where you can cut costs and save significant amounts of money. Here are a couple to consider!
Now, very few of us purchase a car outright. After all, unless you’re already sat on a pile of disposable savings, you’re going to have to save for a long time before you’ll have the full amount detailed on the pricetag of the car you intend to invest in. This is why the majority of us take out loans. However, different lenders will offer different interest rates and payment periods. So, it’s best to compare with comparison sites like https://auto.loan/ before committing to any given finance agreement.
Car insurance is an absolute essential if you’re going to purchase and drive a vehicle – it’s a legal requirement. However, there are a few tips and tricks that you can engage with in order to reduce your overall policy costs!
Add a More Experienced Driver to Your Policy
When you’re taking out your policy, you have the option to add another named driver. While you may want your car to be solely for your own use, allowing another individual to be on your insurance policy and use the vehicle every once in a while can dramatically reduce your quote, as long as they are an experienced driver.
Park in a Garage
Insurance companies acknowledge that vehicles parked on the street are much higher risk than those that are safely stored away in a secure location. If you leave your car parked on the street, it’s open to damage by other individuals – whether this is criminals purposefully vandalising your vehicle or other road users accidentally bumping into it when driving past or attempting to park nearby. If you have a driveway or garage, make sure that your insurance company are aware of your secure parking option, as they are likely to reduce the cost of your policy significantly. If you don’t have a driveway or garage, don’t worry. You can invest in a secluded parking spot!
Agree to Having a Black Box Installed
Most insurance companies allow you the opportunity to have a black box installed in your vehicle. A black box is a small device that monitors your driving behaviour when you’re out on the road. The more responsibly you drive, the more the insurance company will trust you behind the wheel. If you refrain from speeding or driving erratically, they may reduce your quote as a way of rewarding your safe and responsible driving.
Finance and insurance are just two areas where you can save money on your vehicle costs. So, follow the above advice and start saving money sooner rather than later!