Here’s Why Your Car Is A Drain On Your Finances


Do you find that your car is a huge drain on your finances and you’re not sure why? Cars are expensive, we all know that, but there are probably a few things you’re doing that could mean you’re spending more than you really need to. Here’s why your car is a drain on your finances and what you can do about it:

You’ve Picked The Wrong Car For You

The first obvious reason is because you’re probably picked the wrong car for you. Maybe it’s far too big; the bigger the car, the bigger it costs, unfortunately. Having a big car can be great for your ego for a while, but it’s probably going to cost you way more than you’re comfortable with if you haven’t got an unlimited amount of money. Think about what’s best for your greater good and what you’re simply doing to feed your ego.

You need a car that you can afford, that is easy to maintain, drives well, and that you’re happy with aesthetically. Make sure you write a list of what’s truly important to you and stick to it when you’re looking for cars. For example, the fact that it’s suitable for your family might be important to you.

You’re Not Driving Sensibly

The more sensibly you drive, the more you’re going to save. If you drive like you’re participating in some kind of race, with accelerations and sudden brakes, you’re going to be spending more money. You’ll be spending more money on fuel over time, as well as car maintenance as you cause more wear and tear. It can be tempting to show off, especially if you’ve got a flashy car (young drivers tend to want to show off more), but just think of how much money you could be saving if you choose to drive sensibly.

Not only will you save money on fuel and maintenance, you stand less chance of getting into an accident.

Your Insurance Is Too High

Is your insurance too high? You can’t expect your insurance to be too cheap if you have a flashy car, but you should make sure you shop around for great deals. You will usually be able to find insurance cheaper using, so make sure you take a look when you’re due to renew your deal. Failing to shop around for a better deal will mean wasting money. Switching suppliers isn’t difficult at all, as the company does most of the work for you. It literally takes minutes to see if you could be taking advantage of a better deal, so have a look and see what you find. You might even find that your current company offers you a better deal so that you stay with them.

You Didn’t Consider Depreciation And Maintenance

Depreciation should be considered when you buy any vehicle. If you’re planning on buying a brand new car, you need to remember that it’s going to depreciate the second you drive it away from a dealership. Even buying a lightly used car will be better for you in the long run than buying a brand new car. You may be able to afford a certain car, but that doesn’t mean you can afford the maintenance that comes with it. Did you research common problems found with the car, and the things you need to do to fix them? Many brand cars are super expensive if you plan on buying branded parts to make your replacements. Quite extortionate, really! The best thing you can do is buy a car that fits your list but doesn’t require through the roof maintenance costs. You’ll only resent your purchase when it comes to making the first repair.

You’re Not Paying Attention To Drag

If you’re not paying attention to drag on your car, then you’re more than likely wasting a lot of money. Do you have a roof rack? It’s causing drag on your car and making you use up more fuel, as your car is working harder to move. You should remove the roof rack unless you actually need it. Same with having the windows down while you travel on the motorway. It’s better to use the AC on the motorway, as open windows cause way too much drag. The only time you should have windows down is if you’re going for a short drive, or driving steady.

Do you have a better idea of why your car is such a drain on your finances now? Leave your thoughts below!

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