Written by Michael Foote, Insurance and Finance ExpertMichael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
Running the first car is no doubt the most exciting time in a young adult’s life. To be even more accurate, it needn’t be restricted to age. People of all ages are learning to drive daily, and with it beginning to understand the beauty of travelling freedom that isn’t bound by public transport or paying out-of-the-odds for a taxi fare.
However, owning and operating your own vehicle can really bog you down financially. Or, can it? Need owning and operating a vehicle be the most expensive part of your monthly budget? Or are there tips and tricks to help you save money when getting set up on the road? Of course, individually you’re probably not going to have much of an influence on the price of fuel, or the engineering stability of the model you’ve chosen to purchase, or the fact that an unseen pot-hole won’t damage your bumper and lead you to fork out hundreds in repairs.
These things happen to everybody (unfortunately,) and for the most part cannot be prepared for. So, what can you prepare for?
We’d argue the following items:
This heading isn’t a simple ploy to make you drive better on the roads, although it should be your main priority if you want to drive ethically and responsibly, or even be worth of the title ‘driver’ in the first place. No, driving sensibly and not stop-starting or driving at high speeds needlessly will vastly improve your fuel consumption, and therefore the money you need to apply to keeping that fuel present inside your vehicle in the first place.
To best visualise this and to understand its logic, think of it like this. To save on your heating bill in the winter, bringing the indoor temperature up to 50-degree Celsius instead of 65 degrees might be less comfortable, but you’ll still be warm, and save much more money per hour of heating. While driving fast on open roads might make you feel alive, getting there at a normal speed will still accomplish the original goal, but you’ll spend less in the process. This isn’t even to mention the reduced possibility of an emotionally and financially taxing crash. For long distances, consider using a transport service like Shiply to save you the cost of fuel, and ride with another.
Keep Tires Inflated
Keeping tires fully inflated can help your fuel economy by 3.5% every mile. That’s a compounding increase in money saved, and over time, the differences do stack up. Make sure you’re driving on solid tyres, and your wallet will be that little bit fatter.
Shop Around For Insurance
There will always be a better deal. Use our young driver car insurance comparison page to compare more insurance providers in one go. You might be loyal to a certain brand, but you could be getting a much better deal elsewhere. Check year to year, and place family cars all together on one plan to shift the cost into one achievable payment.
Black Box Technology
Black boxes are a fairly new piece of tech that insurance providers have been very quick to adopt. The premise behind a black box is that it allows your insurance company to monitor a range of data points including: your driving ability, your speed, the amount you drive, where the vehicle is kept and more. At Quote Goat, we would encourage young drivers to at least see quotes for insurance with a black box as you may be pleasantly surprised at the saving you can make. However, if you are against having a black box, we also offer a comparison service for insurance with no black box.
These tips can help you reduce your costs as a new driver. Follow these, and you’ll feel like the smartest driver around