With the debt levels rising in the UK, consumers need to steel themselves for interest rate hikes over the next three years to curb the spending. For those on the lookout for a new set of wheels, the timing is a little off and can be a little expensive. However, there are means to get around the rising costs of owning a car. One of the best ways to avoid that mountain of debt is by looking into a decent second-hand car as some go for as little as £2,000. For others, the cost-saving initiatives need to happen in other areas.
THOSE LITTLE SERVICES GO A LONG WAY
Regular oil changes are not just for gearheads who have too much money to spend in between services, but also happen to be a lifeline for engines, especially when it includes some added extras. The oil change itself takes care of sludgy oil and a dirty oil filter, while good service centers will also provide a number of other services with the oil change. These include checking air and fuel filters, refilling liquids such as the antifreeze or coolant, gearbox oil, transmission oil, and more. These checks may seem a little over the top, but happens to be a great way to keep the engine in shape and possibly highlight areas of concern, such as an oil leak. By preventing major engine failure, drivers can save hundreds to thousands in the long haul.
ALL THE ADD-ONS ADD UP
A recent case of auto insurance fraud in the US caused sighs all around as this only means increased insurance premiums for all. While consumers can combat rising insurance costs by finding a better deal, this is not the only additional payment consumers have to be aware of. Other additional costs that motorists need to keep track of, include subscriptions to services such as satellite radio and internet. There is also the option to have access to roadside assistance services with the manufacturer. Drivers will need to compare the best packages available in order to save on costs while still getting a good deal.
DON’T HAVE IT IF YOU DON’T NEED IT
There are a number of reasons why a consumer would want to own a car for short periods of time, from remote workers to those who spend a lot of time away from home. Those who have a parked car in a garage somewhere, paying installments whether it’s being used or not, will find the car subscription idea ingenious. This works much like a cellphone contract, however, the user won’t own the car at the end of the period. For those who only need a car for shorts bursts, this is the ideal solution as some manufacturers offer a month-to-month option.
Those who can count on proper infrastructure and public transport will always have the dilemma of deciding whether to own a car or not. The final decision often comes down to whether it suits the pocket or not.
Photo Credit: Ford