If you’ve just passed your driving test – congratulations! Before you get behind the wheel of your new car and start enjoying your new-found freedom, it’s important to be aware of the hidden costs of driving. After all, it isn’t just your vehicle that you’ll need to pay for. Here are some of the other costs you’ll need to consider and budget for as a new driver.
Insurance
Legally protecting yourself and others is not only important, but it’s also a legal requirement to drive your car on UK roads. Car insurance can be costly for new drivers, particularly if you’re in a younger age bracket so be sure to shop around for a good deal and budget accordingly. If your family has multi car insurance, you may benefit from being added as a driver to an existing car or policy to save money and help you build up your no-claims.
Tax
Car tax applies to most vehicles that are driven – or parked – on the road. Whilst vehicle tax can be significantly less if you’re driving a new electric or hybrid vehicle, you should still familiarise yourself with how much your car tax will be and when it’s due, to avoid breaking the law and potentially having your vehicle clamped or even towed. You can typically pay your road tax annually as one lump sum, every 6 months, or by direct debit monthly to suit your budget.
Servicing
Though it may be tempting to skip your car’s service to save money if you feel nothing is wrong with your vehicle, this can be detrimental in the long run as minor problems can be missed that then quickly turn into larger, and more costly, issues. Car servicing is usually recommended every 6 or 12 months and includes things such as oil changes, and tyre and brake checks.
Fuel
Unless you’re running a fully electric vehicle, filling up with fuel will likely set you back a pretty penny so it’s important to consider this cost right from the start. How much fuel you can afford on a weekly or monthly basis will affect the type of car you choose, as typically the bigger a car’s engine, the more fuel it will use.
Your fuel budget will also dictate the journeys you make and how often you’ll use the car. Other things that can impact fuel consumption include the way you drive. For example, rapidly accelerating and braking can use more petrol or diesel than accelerating and braking gently.
If you’re looking for ways to save on fuel, avoid carrying heavy loads unnecessarily, by taking heavy items out of your car’s boot and removing roof or bike racks when not needed. Some fuel stations or supermarkets also offer loyalty or reward schemes allowing you to accrue points when you fill up, which can then be converted into discounts on your fuel or groceries to help you save money.
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