Reading Time: 4 minutes How And Why Your Car Is Costing You A Fortune
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This is a collaborative post by Ellie Jo about car finances.
Are you worried that your car is costing you a fortune? Here are the things that could be causing your trouble and the right way to deal with them.
MOT And Servicing
Before you buy a car, it’s important to think about the servicing costs. The costs of servicing a vehicle can depend on the model and make that you choose.
For instance, Audi is notorious for being rather expensive to service if there is an issue with them. This needs to fit into your budget and you must avoid being pushed into the red.
If you are worried about the cost of servicing, then you should think about speaking to the dealer. They should be able to recommend a smarter choice for you.
You can also avoid servicing costs by working to ensure that you keep the car in great condition. For instance, cleaning the car regularly will guarantee that dirt and grime don’t build up. This can ultimately lead to the vehicle getting damaged over time and it could even cause issues with the engine.
You will also need to ensure that you aren’t ignoring problems with the vehicle that needs a repair such as servicing lights popping on. These should be dealt with as quickly as possible.
As for the MOT, there are numerous issues that can cause you to fail your MOT that you should be able to easily fix yourself. For instance, before you take the vehicle in, you should make sure that you check if there are any exterior lights that aren’t working.
Driving Habits
Next, you should think about driving habits as these can also play a role in the cost of your car. For instance, you could be a heavy braker. If you constantly find that you are breaking heavily then you will be putting additional pressure on the vehicle, but that’s not all. You’ll be using more fuel every time you drive as well. So, if you constantly find yourself stopping in the petrol station for fuel this could definitely be the issue.
There are other habits that are going to make driving a lot more expensive too. For instance, you might find that you are quite erratic on the roads. If that’s the case, then you’re going to wear down your tires faster and these can be expensive to repair, particularly if you’re going through them quite quickly.
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Alternatively, it’s possible that you miss the gears a lot when you’re switching. If so, then you’ll be adding a lot of wear and tear to the transmission which could need replacing sooner rather than later. As such, it can be worth improving your driving skills and ensuring that you are focusing on your driving style just a little more.
Efficiency Levels
It’s possible that your vehicle isn’t particularly efficient. You should always consider efficiency levels a top priority when you purchase a vehicle. Some cars are a lot more efficient than others and the key thing to consider here is the MPG.
You might even want to think about investing in a hybrid or an EV. Both hybrids and EVs used to be expensive options that didn’t provide much value due to the low range. However, times have changed and now this technology is far more advanced. As such, you can get significant benefits from investing in a car like this.
Ideally, you should be purchasing a vehicle that will provide you with at least 50MPG. This will serve you well on the road and ensure that you aren’t spending a fortune on fuel.
Legal Trouble
Alternatively, it’s possible that your car costs are driven up by issues on the roads. This can be the case if you do have a serious problem with the law. For instance, driving under the influence can lead to some nasty fines that you might struggle to afford. If you are worried about a fine like this, then you should think about being more careful with things like your speed and don’t take any chances when you are out on the road.
Do be aware, if you have issues like this then you could have your license revoked. If you do face this problem, then you might need to explore options that will allow you to continue earning an income. A hardship license can be key here and will ensure that you can still continue to live your life, earning an income.
We hope this helps you understand some of the ways that your vehicle can cost you a fortune and the steps that you can take to avoid this becoming a nightmare.
Get more easy ways to save money here.
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.