Deciding to lease your first vehicle can be a major decision for a lot of newer drivers. It’s one that should come with a considerable amount of thought. Not only do you need to calculate whether or not you can afford the rental fee, but you also need to ensure that you factor in the running costs associated with driving and maintaining the vehicle.
This includes everything from regular fuel costs to car insurance to maintenance requirements. All of these things can add up which makes it important to factor in the total anticipated cost when choosing a vehicle.
To ensure you can do your best to keep your costs in-line, Nationwide Vehicle Contracts has gone ahead and put together some of the top tips that you can use to minimize the running costs associated with your vehicle.
1. Insurance Cost
Your car insurance is going to be one of the major contributors to the cost of driving for any new driver. In the UK, every vehicle that is being used on the roads needs to have the appropriate insurance policy. For any vehicle that is being leased, the vehicle needs to be insured on a fully comprehensive insurance policy.
Before going ahead and buying or leasing any vehicle, you need to check the group number for insurance for the car. A lot of the sports cars to higher-performance models will require a higher insurance group. This is because they are a lot more expensive to replace and/or repair in the event of a major accident. Whereas, any vehicle that is classified in a lower tier will have a much cheaper premium in comparison. So, our advice is to try and find cheap car insurance.
To reduce your car insurance costs you can:
– Choose the right car. You want to choose one that is in a lower tier to save money on your premiums.
– Do comparison shopping online when buying car insurance.
– Add a telematics box that helps to reward any driver that is deemed ‘safe.’
– Add a more experienced driver to the policy to reduce the total cost.
– Pay for the policy upfront which should reduce it some.
Anyone younger is likely to have a much higher premium because they are deemed the riskiest. However, if a young person can sustain a clean driving record, they will have their premiums decreased.
2. Fuel Costs
The fuel that you will be paying for is another major cost that you need to consider. It’s going to be one of the highest running costs for most drivers. The average cost to fill up a tank of fuel was £66.25 for petrol cars and £67.27 for vehicles that took diesel.
Thus, when you are shopping for a new vehicle, you may want to look for a car that gets good gas mileage. You should be able to find a lot of them to help keep your fuel costs as low as possible. In general, you want to find a vehicle that is capable of getting at least 30 Miles Per Gallon for city driving and 45 to 50 Miles Per Gallon when you are driving on highways.
Some other tips for keeping fuel costs down:
– Do comparison shopping for buying fuel (download an app).
– Always keep your tires as inflated as they need to be.
– Get rid of clutter inside of your vehicle.
– Don’t use air conditioning when you are driving at slower speeds.
– Use your Fuel Calculator on your phone to figure out your annual fuel costs.
3. Maintenance Costs
To keep your vehicle in tiptop condition, it needs to be maintained properly. You will want to get regular servicing because skipping it can end up costing you in the long run. Not only can it ruin your vehicle, but it can end up causing you to have to pay exorbitantly high fees from the finance provider.
To minimize your maintenance costs, you should consider doing the following:
– Take out a monthly maintenance package.
– Ensure you are getting your vehicle serviced in regular intervals.
– Do comparison shopping for maintenance.
– Clean your vehicle inside and out whenever possible.
4. Parking Costs
Parking is another thing that you have to consider when you have a vehicle. If you live in a house or a flat that gives you access to an allocated parking space, you will likely need to get a parking permit. Parking costs are one of the hidden costs for a lot of people and they can quickly add up if you aren’t careful.
To reduce the total amount of parking fees you have to pay, consider doing the following:
– Find cheaper places to park whenever possible.
– Split parking costs with your friends or family.
– Share a car when you are going to events.
– Pay parking tickets as early as possible to avoid interest.
5. Driving Costs
The way you drive can play a role in determining how much your running costs are when operating a vehicle. Therefore, you will want to pay close attention to your driving habits. Braking harshly and accelerating too quickly can both have detrimental effects on your vehicle.
Know the: Best Driving Tips 2021
For one, slamming on your brakes can wear out your brakes. Whereas, accelerating too fast by slamming on your gas pedal can use up a lot of unnecessary fuel. Avoid doing these things and you should be able to reduce unnecessarily high driving costs.