Driving means freedom, but it can also be unattainable.
Buying and maintaining a car is simply expensive, especially for young professionals building their career. From the outright purchase price to servicing and repairs, the cost of running a car can be more than £3,000 per year.
Whether you’re thinking of buying a car or calculating costs, here’s how to work out your budget and keep things affordable.
Can you afford a car?
The cost of owning a car is a big commitment – and involves more than you might expect. No matter which car you choose, there’s no way to make it cheaper. The costs involved almost always include:
- The price you pay upfront
- Comprehensive car insurance
- Road tax
- Maintenance, repairs and servicing
- Petrol, diesel, or charging costs
If you’re assessing whether car finance is a sensible option, you’ll need to meet monthly instalments alongside a large upfront payment.
Will my car keep its value?
Not usually. Depreciation is another key reason why cars are so expensive to own and maintain. This means unavoidable loss of value.
For example, if you buy a car for £5,000 and drive thousands of miles, it won’t be worth that much when you sell it. Add to that the cost of maintenance and repairs, and you effectively lose money!
Unless you buy a rare, classic or collectible car and keep it in pristine condition, your car will depreciate. It’s important to factor this into your budget.
How to make motoring more affordable
There are a few ways to make the unavoidable costs a little bit cheaper to help your long-term financial health. These include trying to:
- Reduce your fuel consumption
When your car demands less fuel, you won’t need to top up as regularly. Your engine determines fuel efficiency, but you can improve the figures by fitting quality tyres and maintaining proper pressure levels. You should remove unnecessary weight from the vehicle and try to drive smoothly. Only change gear when necessary and avoid harsh braking or sudden acceleration.
- Pay less tax
The car you choose determines how much it costs to tax your vehicle. Vehicles with lower CO₂ emissions benefit from reduced costs, rewarding drivers for choosing an option that’s more environmentally friendly.
- Build the right insurance quote
Comprehensive cover is always recommended, but there are several ways to pay less for a good car insurance policy. Along with choosing a low-powered vehicle, you should try to keep your licence clean and build a no-claims bonus if you’re already driving.
- Carry out regular maintenance
You can prevent costly repairs by taking good care of your car.
Regular servicing, including timely oil changes and brake inspections, means improving the longevity of your vehicle. Proactive upkeep means you can spot smaller issues before they become big problems, ultimately giving you more time, money and convenience.
Car ownership involves more than just getting from A to B. When you meet your responsibilities as a motorist, you can reap the benefits of being an experienced driver. Always be transparent and take proper care of your vehicle.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.