It is no secret that being a student can be financially challenging. You have a lot of expenditures during this period but not much time to earn money. Some students are able to work to bring in some cash, but others simply do not have the time and are limited to their loan and any savings. Therefore, students are always looking for ways to save money.
If you want to have a car with you at university, this could be a huge financial investment. It can be incredibly valuable, however, as it can make getting to campus and back home each day much easier. It is also helpful for food shopping, socialising, carrying equipment and returning home occasionally. If you need a car for university but have a few concerns about money, here are a few tips for students to save money on their car.
1. Buy Second-Hand
First, if you are buying a car then you will want to buy second-hand.
A used vehicle is much, much more affordable than buying brand new and you can still get behind the wheel of a great car for an affordable price.
Private sellers are cheaper but this can be a risky path, so consider using a large dealer group.
2. Go Green
The Government is encouraging motorists to switch to electric or hybrid vehicles in a bid to protect the environment.
By purchasing an electric car, you could benefit from a grant that goes towards the cost of the automobile. Additionally, you will not have to pay road tax if you purchase an all-electric.
3. Lower Your Insurance
Car insurance is a major expense and particularly for students who are often under the age of 25 and deemed more of a risk than older motorists. Mature students may find that they also have high insurance costs due to the fact that their occupation will be listed as a student.
Fortunately, students can lower the cost of their insurance with the following tips:
- Choose a car with a small engine and good safety features
- Add a more experienced driver (if they will be using the car)
- Lower your mileage
- Use telematics insurance
- Increase your excess
4. Be Smart About Fuel
Fuel is a major running cost and could cost you a fortune if you use the car regularly.
Students can save money on fuel by using the car only when necessary, driving sensibly and by avoiding using the air conditioning.
It is also wise to turn the engine off when parked and waiting and always keep your tyres inflated to the correct pressure.
5. Complete Repairs Yourself
Repairs are an unavoidable part of being a car owner.
Most motorists will go to the garage straight away, but there are actually a handful of common repairs that you can easily do yourself.
There is advice for how to do this online and many require basic tools to complete yourself.
Having a car at university can be helpful and make life much easier, but it is also a major expense. The above tips should make buying and owning a car as a student much more affordable.