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Financial tips for motorists

by Sataff Writer
10 Mar 2020 at 16:04hrs | Views
Motoring is an important part of life for many people, with a high percentage of the population driving every single day. However, motoring can also be incredibly expensive, and can have a huge impact on your financial situation when you factor in all the various costs, including the price of automobiles, the cost of fuel, insurance, tax and so on. While motoring will always take up a fair amount of your income, there are a few effective ways in which you can save money on driving, which should help to increase your disposable income each month, while still allowing you to rely on your car for getting around.

Reduce Driving

One of the most obvious ways to save money is to reduce the amount of driving that you do, as fuel can be a huge expense. While there may be times that driving is the only option, such as dur-ing the school run and/or when driving to work, you should also try to walk or cycle when the op-portunity arises, which is a much healthier and free option.

Shop In The Used-Car Market

When the time comes to change your vehicle, your best option financially is to shop in the used-car market, because it is much more affordable than buying new and you can get a lot more for your money. You can use helpful websites such as, which allow you to browse and search for used cars throughout Europe, making sure that you can find the right one for you and at a fair price.

Find Ways To Lower Your Insurance Premium

Car insurance is another major expense, and can be particularly high for certain groups of drivers. It is essential that you have the right coverage in place, but there are also ways in which you can lower your insurance premium, such as:

-    Comparing providers
-    Increasing your excess payment
-    Keeping your car parked safely
-    Reducing your annual mileage

Make Sure You Have Adequate Coverage

In addition to car insurance (which is a legal requirement), you should also be aware of optional insurance policies. While these will add to your monthly budget, they could end up saving you a fortune in the long run, while also providing you with peace of mind. This should include having an extended warranty if the manufacturer warranty has expired – therefore, ensuring that the cost of electrical and mechanical faults are covered – along with GAP insurance, which will cover the shortfall between the insurance payout and the amount originally paid in the event of a write-off (insurers will only pay the current market value).

Perform Your Own Maintenance

Vehicles need to be well maintained in order to keep them running smoothly, but it can be huge-ly expensive to get maintenance and minor repairs carried out by a mechanic. In many cases, with the right tools and easy-to-follow instructions online, you will be able to perform essential maintenance and minor repairs yourself. This could save you a large sum of money, while also helping to keep the car in tip-top condition.

Try a few of these tips, and you should save a significant amount on your motoring costs, which could make a big impact on your overall financial situation.

Source - Byo24News