Car without Breaking the Bank
Apart from the exception of purchasing a home, buying, and running a vehicle is likely to be one of the most expensive costs that you have to deal with in your life. Of course, that means that people often think that running a car is a bad idea if they want to have plenty of money to stick in their saving account at the end of the month. Happily, this doesn’t have to be the case. A topic you can find out more about in my post below.
The type of car
Number one on the list of thing you can do to ensure that running a car doesn’t wipe out all of your family’s money is to choose the right vehicle in the first place. Of course, your decision will be influenced by the size of vehicle that you will need, as well as what you will use it for. After all, a family living in the city has a much better chance of running a small car successfully than one that is rurally based and needs to go off-road.
However, no matter what your needs there is nearly always a way that you can save yourself money when choosing what type of vehicle to buy. For instance, you may wish to go for a less well-known make and save money there, or even opt for a preowned version which should cost you less than a brand new model off the forecourt.
How you purchase your car
Also, how you purchase or produce your vehicle also matters. The best thing here is if you can save up the money you need before making your purchase, meaning that you will have no monthly cost to worry about at all.
Of course, for many families, this isn’t possible, happily, there are other options as well. One being leasing a vehicle with PCP instead of purchasing it outright, something that can give you access to a brand new car while still keeping your monthly payments relatively low.
Keeping running costs low
Sadly, it’s not just the cost of the actual vehicle that you need to factor into your budgets, but the finances to keep it running and the road as well. In fact, to keep your family motor running you will need money for fuel, road tax, and insurance.
Luckily there are some ways that you can save of such things including using a comparison site to find the closest local petrol station that charges a low price per litre. You can also do things like go to Geico for a car insurance quote as well. The reason being that providers like this are known to offer comprehensive cover at a reasonable price, something that should mean you still have plenty of money left at the end of month end to save or invest. You can even get cheap parking or hire out your parking spots for income.
Maintenance and saving money
Lastly, while everyone knows that cars have a nasty habit of breaking down, few of us want to pay the high price for repairs.
Of course, there will always be some task that only qualified professional can do, although learning the basics of car maintenance repair can save quite a bit of money over the long term. Money that would look great in your family’s savings account!