For many car owners in Australia, owning a private vehicle can be the ultimate convenience – but it also comes with a price.
And as with all financial factors in life, it pays to be a smart and savvy decision-maker to know how to save money on car expenses.
While potential savings will vary depending on your own situation, we have compiled some smart money-saving tips to help you cut some of those car expenses.
So, if you want to save money on car expenses, this is a useful read.
6 helpful tips to cut costs on car expenses
Next to a home, a car is often the next largest expense for most households.
The costs don’t stop once you drive off in your new wheels. In fact, according to a recent study by the Australia Automobile Association, Aussie families are now spending up to $22,000 a year in some cases just to keep their cars running and on the road!
So, it’s time to check out these 6 easy ways you can save on car expenses.
1. Avoid wasteful driving habits
By adopting petrol-saving habits like accelerating gently, coasting during traffic jams and staying within the speed limit, you can actually reduce the cost of the daily usage of your car.
In addition, pay attention to your directions to avoid going too far out of the way and adding extra distance to your trip. Reducing your annual travel distance really adds up to big savings.
2. Maintain your car often
The best thing you can do to protect your car expense fund is to keep your vehicle in top shape. While these ongoing maintenance costs might seem high, they’re significantly less expensive than paying for a large repair.
Have a read of our previous article where we shared the 5 basic car maintenance tips you should adopt.
3. Keep your existing car as long as possible
It’s tempting to upgrade when you get that well-deserved raise, or you have enough savings stashed away. While a new car might be exciting, this is an extra cost that most people simply don’t need.
Driving your existing car for as long as possible is not only better for the environment, but it’s also a great way to keep costs low. You should only consider a new car when the cost of maintaining it is no longer worth it.
Check out this article where we break down the pros and cons of buying a brand new or used vehicle.
4. Consider car-pooling
By sharing the driving with just one other person, you could potentially save an average of $20/month or $200/year in petrol alone if your commute is a 20km round-trip each day. In addition to the petrol savings, you’ll save maintenance costs and daily wear and tear on your car.
5. Hop on public transport
Of course, you may also consider public transport. While you forgo your car’s convenience, it can help you cut car costs, especially if you only use your vehicle for the trips where you need it most.
Routine trips can be left to trains and buses, while special occasions and road trips can be in your beloved car.
6. Repay your car loan as fast as you can
If a car loan is necessary, go through your finances with a fine tooth comb and consider how you can maximise those repayments to reduce the extra outlay that comes with a lengthy vehicle loan.
Fortunately, being a car owner doesn’t mean you have to break your bank
Owning a car can be expensive, yet as you have seen, there are several ways to cut costs and make car ownership more affordable.
One of the best ways is actually finding a more cost-effective vehicle.
So, if you’re ready to take the next step towards a new car, it helps to have a vehicle expert who can guide you when purchasing a car. If you have questions about the latest vehicles and how you can choose the right one for you, simply reach out to us for a chat.
Find the right vehicle for you with Private Fleet.
Private Fleet empowers you to gain all the benefits of a fleet purchase, but as a private buyer.
Backed by decades of vehicle industry experience, fleet buying power and a network of car dealers across Australia, we are here to ensure that buying your next car will be as straightforward as possible for you.
Buying a new car is a memorable experience – let us make it hassle-free, too.
Reach out to us today for a seamless and easy car-buying experience.