Money Saving Tips for New Drivers
August 15, 2017 at 8:13 PM
So, you’ve had the lessons, you’ve passed the test and now you’re ready to take to the roads on your own and gain your independence. Given that you’ve shelled out all that cash just on learning to drive, you might be looking to get on the road as cheaply as possible, but how can you achieve this when motoring costs are so expensive?
Consider carefully whether to buy new or used
Firstly, a new driver should consider buying a used car. A brand new car might be tempting but there are many pre-loved cars out there that have been well looked after and have many more miles of freedom to offer. Not only are they cheaper to buy, but they do not depreciate in value as quickly as a new car would. It is also important to remember that as an inexperienced driver you are more likely to have an accident, how much more difficult would it be to watch your brand new car being towed off for repairs?
Choose the right car for cheaper insurance
One of the biggest outlays in motoring costs is insurance, especially for new drivers where inexperience really does count against you. Which car you choose can make a huge difference to insurance costs. Your aim here is to buy a used car in one of the cheapest insurance groups, these tend to be cars with cheaper to replace parts, slower acceleration or good security features. So, don’t go to the forecourt looking for the biggest, most powerful car, instead, go armed with information as to cars with low-cost insurance.
Which type of insurance?
You can also cut insurance costs by buying a telematics policy. This means that your insurer will install a box to assess the quality of your driving, assessing the speeds that you drive at, the harshness of your braking and how you handle corners. These policies are often offered cheaper to new drivers as they make you more likely to drive carefully and they also give the insurance company an idea of your driving ability.
Taxing your car is another unavoidable long-term motoring cost, but it is a legal requirement that all cars registered to drive on the road in the UK are taxed. Costs can be anything up to £1000 a year but more environmentally friendly cars can enjoy lower tax rates, with some of the most efficient cars attracting zero tax. It is worth doing some research into car tax bands before you go shopping so that you are clued up as to how much your car is going to cost you on a monthly basis.
Servicing and repair costs
Car repairs and routine servicing or MOT checks can be expensive. Many sellers offer a used car warranty when they sell a car, where for a monthly fee your repairs are covered, and this can often be worth considering. You will need to look carefully at what is included, what parts does it cover for instance, or does it cover routine service which helps to keep your car in tip-top condition? Often, though having a warranty can be more cost effective than paying for repairs as and when and can help you budget for your motor costs.
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