The best way to save money on a car is not to buy one in the first place. Unlike property, new automobiles are depreciating assets whose residual value starts going into free fall once they hit the road. But we buy cars anyway, and we drive them everyday, and we take delight in owning them (together with the banks that provide financing, of course).
Our enthusiasm, however, should be tempered by realism, especially during this severe recession when jobs and salaries have been cut in many companies. The rolling good times are over for now, so it's a great time for us motorists to learn from all that corporate restructuring and do some rightsizing of our own.
You could only cut your losses and sell your ride, which to the motor trade these days is worth only as much as its so-called paper value, or at best just a bit more than that.
But that such a move might be too drastic for those who really need (or want) a car and are still gainfully employed. It's better, in this case, to rightsize your ride, so to speak. The objective is to moderate your motoring expenses without reducing your enjoyment.
Here, then, are some thrifty ways for your wheels. These measures can be categorised into Easy and Not So Easy. The former is self explanatory, while the latter needs more legwork and a little homework, but it's never too hard. All the suggestions are effective, but results may vary depending on the individual, the circumstance and of course, the car.
1. THE OUTSIDE LANE Patronising a reputable "outside" workshop instead of the official service centre could slash your car's servicing bills. Using cheap and good but "unbranded" lubricants and fluids would save you even more money.
2. BOOT CAMP Unless you're a door-to-door salesman, there shouldn't be much junk in your trunk. Save fuel, and save money, by ditching that deadweight, which includes the spare tyre. Replace it with a puncture repair kit.
3. TRUMP CARDS
Sign up for a credit card that offers additional petrol discounts at a partnering station chain. Use your loyalty points to redeem fuel vouchers, which tend to be the best deal in redemption programmes.
4. OUT OF THIN AIR Keeping your tyres properly inflated works like magic when it comes to your car's fuel efficiency, a major part of your running costs. A recent Shell survey showed that nearly 30 per cent of motorists don't know this.
Watch out for the next installment tomorrow where David shares more tips and tricks.
The writer is the deputy editor of Torque, a motoring monthly by SPH Magazines. Get your latest copy at newsstands today.
