While it is something of a cliché to suggest that owning and operating a car is costly, this does not mean that it does not have a basis in fact. In fact, recent research would suggest that it is a serious issue in the UK, where it costs an estimated £3,500 each year to run a fully-functional vehicle. While this is a huge amount of money by itself, it is even more costly when you consider that Britain is currently considered as the most expensive nation for running a vehicle. According to estimates, the cost of running an average family vehicle is £2,000 higher in the UK than it is in China, America and France.
Minimising the Costs of Car Ownership in the UK
With this in mind, what practical steps can British motorists take to cut the cost of car ownership on an annual basis? Consider the following: –
Consider Switching to a More Fuel-efficient Vehicle
The primary cost of car ownership is purchasing fuel, which costs British drivers an estimated £2,256 each year. This is more than two-thirds of the £3,500 that motorist spend each year on their car in the UK, so it may be wise investing in a fuel efficient vehicle as a way of cutting longer-term costs. This market is continuing to evolve at a rapid pace, meaning that as a consumer you will be able to select from a wider range of cars at increasingly affordable prices.
Cut the Cost of Insurance Premiums
Insurance premiums also take a heavy toll on drivers in the UK, with a typical premium costing between £800 and £1,000 per annum. There are several ways that this can be reduced, however, particularly if you are willing to use your existing terms as leverage to negotiate more favourable policies with alternative providers. If you are committing to saving money in the long-term, you may also wish to complete an advanced driving course or adding an experienced second driver to your claim application form. To find out more, consider visiting the AXA Insurance website at your earliest convenience.
Learn the Basic Arts of Car Maintenance
The third most financially challenging aspect of car ownership is maintenance, although this cost varies depending on the age, performance and longevity of your vehicle. While some maintenance and repair tasks are decidedly complex and require professional expertise, however, there are more basic elements that you should be able to complete independently as a cost cutting measure. Tasks such as changing your oil or tyres provide the ideal starting point, as although they are relatively labour intensive they are also simple and not particularly time-consuming.
With insurance premiums likely to continue to rise in the forthcoming year, it is increasingly important that motorists strive to minimise their costs where necessary. Without adopting an aggressive and proactive approach towards achieving this, you run the risk of being overwhelmed by the cost of fuel, planned maintenance and insurance premiums.