You’re a proud owner of a brand-new car, or you are eyeing that new Mazda or Toyota and can’t wait to be its owner? But wait. Have you considered all the additional car-related expenses that come with owning a vehicle, and do you know how best to manage your expenses on petrol? Let us share a few tips to help you out.
Don’t miss your scheduled maintenance
For starters, look after your car. Take it for its usual car wash, clean its interiors, and take it for its scheduled maintenance at the service centres. The more consistent you are with doing regular checks for your car, the less likely you will be surprised with a hefty bill when something unexpected goes wrong with your car. Your tyres are a critical component of your car. Make sure they are in top shape and do a regular check on them when you can. Tyres aren’t cheap so a regular check-up on them can help prevent the likelihood of you needing to suddenly replace all 4 tyres.
Get a petrol credit card and earn cashback
Secondly, one of the best ways to get the most mileage out of your petrol consumption is with a petrol credit card. Winners like the Standard Chartered JUST One Platinum Card, Hong Leong WISE Gold Card, HSBC Amanah MPower Platinum Visa Card, and Shell-Citi Gold Credit Card to name a few, offer great cashback rebates whenever you top-up your petrol with your credit card. That means you’re essentially paying less for your petrol consumption. For more information on petrol-related credit cards, you may also read this article.
Be aware of additional payments for your car
Aside from general upkeep, always bear in mind the additional costs of owning a car. This includes your annual insurance which of course increases with higher valued vehicles, your monthly hire purchase repayments, and your annual road tax.
Don’t forget that a car is not an appreciating asset. They depreciate every year and on average this can be anywhere from 10% to 15%. On the plus side, you pay less insurance. On the downside, you’re financing a loan at the amount you bought the car for, not for its real value. So think long and hard before you buy a car that you just can’t afford. It’s tempting but is it necessary?