10 Ways You Are Wasting Money on Your Car

We all know that owning and running a car is a financial commitment, but are you spending more money on your car than you realise?  

We’ve compiled a list of 10 ways that you could be wasting money on your car, to help you save money and extend your vehicle’s lifespan.

  

You are Neglecting Regular Car Servicing

Skipping important maintenance like a yearly car service can lead to costly repairs later down the line.

Your vehicle is made up of countless moving parts – and the slightest issue could have an impact on a range of vital components.

Your car’s manufacturer usually gives you a guide outlining when to perform certain maintenance tasks to keep your vehicle running smoothly.

Sticking closely to your manufacturer’s maintenance schedule can help you avoid costly repairs.

This guide typically states exactly when to change your oil and replace any belts and fluids, based on mileage and your vehicle model.

To keep track, maintain a logbook or use a digital app like Drivvo to record maintenance activities and receive reminders for upcoming services.

Following this schedule can help you avoid mechanical problems and maintain your warranty, resulting in reduced car maintenance costs.

Some other costly mistakes you can make when it comes to car maintenance include:

• Not changing your oil
• Letting oil levels get low
• Ignoring unusual noises
• Ignoring changes in your car’s behaviour
• Driving on improperly inflated tyres

Being proactive about small problems now could save you a lot of money in the long run.

By addressing issues promptly, following the manufacturer’s maintenance schedule and carrying out routine maintenance, you can alleviate any unnecessary costs and maintain the reliability of your vehicle.

  

 

You Aren’t Doing Simple DIY Car Repairs

Sometimes, basic repairs can be done without taking your vehicle to a mechanic.

Here are some DIY car maintenance skills you can master yourself and implement when needed.

 

Changing Air Filters

You can purchase air filters from any automotive parts store.

Locate your air filter in the engine bay, which can be found in a black plastic box, and replace the old one with the new filter.

Make sure it fits snugly without any gaps.

 

Changing the Oil

You can buy oil from an automotive parts store when it’s time to change your car’s oil.

Warm up your engine for a few minutes and lift the car with jack stands.

Locate the oil drain plug under your engine and place an oil collection pan underneath, removing the plug.

Once the oil drains, replace the plug and remove the old oil filter before installing a new one.

Refill with the recommended oil type and amount for your model.

 

Replacing Windscreen Wipers

Replacing windscreen wipers is another easy maintenance task you can learn to do yourself.

Simply lift up the wiper arms from the windscreen, press the small tab to pull it off, and attach the new blades by sliding them into the same position until they click.

 

Installing New Headlight Bulbs

To install new headlight bulbs, first open the bonnet and locate the back of the headlight assembly.

Remove the power connector, unlock the clip or cap holding the bulb, and carefully remove the old bulb.

Insert the new one without touching the glass with your fingers so as not to leave marks, reattach the connector, and secure it in place.

 

Checking and Refilling Fluids

You can check and refill certain fluids without the help of a mechanic to save costs.

Identify where the reservoirs for brake fluid, coolant, power steering fluid, and windscreen washer fluid are and check their levels against the marked indicators.

Refill them as needed with the appropriate type of fluid.

 

You are Missing Out on Better Car Insurance Deals

Are you paying for more car insurance coverage than you actually need?

Your ideal car insurance policy should meet all your coverage needs, without you overpaying.

Insurance rates can fluctuate based on market conditions, as well as your driving record and credit score.

Do your research before settling on coverage to find the one that suits you best.

Try to understand which type of coverage you need. Generally speaking, a new and high-value vehicle might necessitate comprehensive coverage, whilst an older car might not require much coverage - especially if you’re planning to sell it soon.

Take the time to research the insurer’s customer reviews and claim process.

Make sure that the company offers reliable support and efficient handling of claims.

A company with responsive customer service can reduce the stress and inconvenience associated with vehicle repairs and claims paperwork.

You should compare car insurance quotes from different providers, too.

You can use online comparison tools to take a quick and comprehensive look at the options based on your car model, driving history, and other factors.
 
If you’ve already been with an insurer for several years, negotiate with your insurance agents before renewal.

Don’t hesitate to discuss your current rate and ask if you qualify for certain promotional discounts, which can further lower your premiums.

You can adjust your coverage to reflect your needs so that you aren’t overpaying for car insurance.

Insurance premiums can vary depending on factors such as:

• Age
• Driving history
• Location
• Type of car

By regularly reviewing and adjusting your policy, you can ensure you have the right amount of coverage - without any unnecessary expenses.

 

Your Vehicle Has Poor Fuel Efficiency

The cost of fuel can easily add up – especially if your car is not as fuel efficient as it could be.

A vehicle with poor fuel efficiency can cost you money for several reasons.

Firstly, your vehicle will consume more fuel to travel the same distance when compared to a more fuel-efficient vehicle.

This will result in greater fuel expenses over time, and more top-ups at the petrol station.

Due to the increased strain from burning more fuel, vital components such as the engine are likely to experience more wear and tear, meaning your repair costs could be higher, too.

Vehicles with poor fuel efficiency also tend to have lower resale values and are less likely to attract a potential buyer.

This means that when you trade in or sell the vehicle, you may receive less money for it in comparison to a more efficient vehicle.

The money spent on excessive fuel and maintenance costs could have gone towards your savings, so it is always worth running a fuel-efficient car.

To enhance your vehicle’s fuel efficiency, you should do the following:

• Practice good driving habits
• Keep tyres properly inflated
• Lighten the load
• Keep windows shut
• Drive in ‘eco’ mode

Additionally, you can turn off electrical equipment - like the air conditioning system - when you aren't using it.

Above all, the best thing you can do to improve your vehicle’s MPG is to book a car service regularly.

After all, if your car’s engine isn’t healthy, it won’t give you the best MPG.   

  

Your Aggressive Driving Style

Even your driving style can impact your car’s fuel economy – especially if your vehicle has a manual gearbox.

Bad habits like rapid acceleration, excessive speeding, and frequent braking can increase your fuel consumption significantly.

Not to mention that this can wear out your car’s brakes, tyres, suspension and transmission, leading to costly maintenance and repair bills.

You could even reduce your vehicle’s overall lifespan and reduce its resale value as a result.

You could be charged a higher premium by your insurance company because of your driving style.

To tackle an aggressive driving style, make sure that you heed the following advice:

• Don’t ride the clutch
• Don’t rev the engine hard
• Don't change gear at high revs
• Don’t use too few revs
• Don't change gear too early
• Don’t rest your hand on the gearstick
• Avoid harsh braking
• Avoid forceful acceleration
• Don’t accelerate when the engine is cold
• Work on your clutch control
• Avoid late braking

Drive in a slow and considered manner and be wary of the road ahead so that you can treat your car with the care it deserves - and save money in the process.

  

Your Wheels Aren't Properly Aligned or Balanced

If your wheels aren’t properly aligned or balanced, this can lead to uneven tyre wear.

Not to mention that the reduced lifespan of your tyres means you will have to replace them sooner than expected, which can be an added expense.   

You will likely end up spending more on fuel if your wheels are misaligned as your rolling resistance may increase.

If your wheels are misaligned then you could end up needing to replace parts such as the track rods, ball joints or wheel bearings sooner than expected.

Continuing to drive on unbalanced wheels will mean that the engine has to work harder to maintain speed and stability, thereby increasing your fuel costs over time.

This will also put more stress on the suspension and steering components, leading to a less smooth ride and meaning that you could have to invest in premature repairs.

Unbalanced and misaligned wheels can also affect your vehicle’s handling and stability, which could pose real safety concerns and result in accidents, costly repairs and possibly even insurance claims.

 

You've Been Driving Over Potholes

Driving over potholes and kerbs is sure to damage your vehicle, causing issues like:

• Suspension misalignment
• Loose steering
• Bent or cracked wheel rims
• Loss of tyre grip

Best to avoid driving over potholes where possible, as this can lead to buckled wheels, tyre lumps, and cracked alloys.

You may knock your wheels out of alignment and balancing, too. 

If you drive over a pothole, you should inspect your wheels and tyres for any damage.

Listen out for any strange noises or vibrations when you set off again, and check that the steering wheel is driving correctly.

You should have any issues resolved right away to prevent them from worsening and requiring a more serious and costly repair later down the line.

  

You Need to Factor in Depreciation

Depreciation is the reduction of your car’s value over time, and it is one of the most often underestimated costs of car ownership.

New cars lose a significant portion of their value as soon as you drive them off the lot.

Depreciation then continues throughout a car’s lifetime, and its loss in value is influenced by the vehicle’s mileage and wear and tear.

If you are financing your car with a loan, you will spend more money in the long run than if you had paid for the car upfront, as the interest accumulates on top of the original purchase price.

When you come to sell or trade in your car, depreciation can have a real impact on the vehicle’s resale value.

To minimise the impact that depreciation can have on your finances, you may wish to buy a used vehicle, and should take care to invest in regular maintenance.

  

You are Making Unnecessary Trips

You could be unintentionally wasting fuel and increasing maintenance costs if you make unnecessary trips all the time.

Frequent short trips – especially in cold weather – can prevent the engine from reaching optimal temperature, leading to increased wear and tear and reduced engine efficiency.

The faster you accumulate mileage, the more maintenance you will have to invest in.

Combining numerous errands into one trip can help you to save on fuel and extend your car’s lifespan.

You could even consider carpooling, taking public transportation or cycling sometimes instead so that you can avoid unnecessary wear and tear of your vehicle.

    

You've Been Ignoring Dashboard Warning Lights

Dashboard warning lights are there for a reason – to give you time to fix a problem.

Minor repairs can escalate into major, expensive repairs which you could have avoided by having the issue fixed sooner rather than later.

Ignoring a check engine light could cause lasting damage to the engine and put yourself and other road users in danger.

Best to book a repair at the first sign of trouble so you don't end up spending more than you need to.

  

 

Help your budget go further by shopping around for car insurance, managing your driving style and keeping on top of essential car maintenance.

 

Additional blog content provided by Jacob Fuller.

 

Jacob Fuller

Senior Editor, Financial Coach

Jacob Fuller is a Personal Finance Coach bringing over 8 years’ experience helping individuals achieve their financial goals. His ability to simplify complicated financial ideas, combined with his friendly and approachable nature, makes financial conversations both informative and enjoyable.

Jacob's foundational knowledge is fortified by intensive training and comprehensive hands-on experience in the insurance sector. With years of focused experience in personal finance, he has become skilled in budgeting, managing debt, saving strategies, and setting financial goals.

He joined TrySmartly in 2022, where he continues to share his expertise, providing actionable strategies to transform financial challenges into opportunities for growth.