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Saving money isn’t always about cutting upfront costs in half. Yes, it makes a big difference if you can do it, but it won’t be an option most of the time. Instead, it’s essential to focus on getting bang for your buck. That way, everything you buy is an investment, an asset you can milk for every penny.
A car is a prime example. While the resale value plummets after you drive it off the lot and the running expenses are high, nothing is stopping you from getting your money’s worth. The key is to target the problem areas that force you to splash out more cash, more often.
Understand Insurance
Insurance is the bane of motorists’ lives. Not only is it expensive, but your provider might not pay out when you need them the most. It’s easy to see why drivers choose the “cheapest” coverage and dig their heads in the sand. In truth, the insurance industry is full of opportunities if you know where to look. For example, safe, low-mileage drivers can usually opt for pay-as-you-go policies that allow you to purchase the correct level of coverage. Others prefer to put down bigger premiums to save on monthly fees. The most basic option is to shop around for a deal, even if you think you’ve bagged a bargain.
Pick Reliability And Safety Over Anything Else
Of all the features you can pick, these two aren’t at the top of the list. Sure, they are important, yet it’s all about how a car looks, feels, and handles for petrolheads. Even those who aren’t car-enthusiasts often choose the prettiest make and model. Money-wise, it’s all about reliability and safety. Firstly, the former means your vehicle won’t breakdown regularly costing you a fortune. Secondly, the latter will keep you secure and prevent a write-off in case of an accident.
Try A Hybrid
Hybrids are better for the planet, which is a healthy thing, and they’re better on your budget too. Why? It’s because electricity stations are free to use. That’s right. When you plug into a charge point, the only problem you’ll have is filling the time. Still, that’s a good problem to have, especially when the price of gas is increasing and will continue to trend that way as fossil fuel stocks deplete. Also, using electricity should take the pressure off the engine – it doesn’t have to burn the fuel – and eliminate common, expensive maintenance issues!
Be A One Car Household
The average family has access to 1.88 vehicles, which equates to 93.3% of households reporting access to at least one car. Wow. Owning multiple vehicles may be more comfortable, but it isn’t necessary since you can juggle who gets the keys and when. What you can’t do is lower the costs below a certain amount as having two vehicles means your expenses are one-hundred-percent higher.
You have to decide whether the extra comfort is worth the money you must spend to purchase, run, and maintain a second vehicle.
