3 Ways A Student Can Save Money On Car Expenses

We all know that college can be expensive. With student loans, textbook fees and accommodation costs, the last thing a student wants to have to think about is spending money on a car. However, it is not always possible to ditch the car and catch public transport all the time, especially if you live in a regional or remote area. Thankfully, there are a number of ways through which a student can save money on car expenses, leaving them with less to worry about.

  1. Reducing your car insurance costs.  Car insurance contributes significantly to the cost of running a car. Students, due to their youth, are usually hit with very high premiums on account of their inexperience on the road. However, there are many ways one can save on car insurance costs as a student.

Firstly, if you are a safe driver, consider raising the excess payable on your policy to reduce your premium. An excess is the fee payable to the insurance company in the event of a claim as your contribution to the repairs to your car. Most insurance companies will allow drivers to raise their excess to a higher amount to lower their premiums, although some may not. However, it is important to only take out this option if you are a safe driver, as if you make a claim on your policy the payout will be much lower in the event of an increased excess.

Secondly, choose a low-risk, unmodified car to show your insurance company that you are responsible and not a risk to insure. Modified cars usually come with higher insurance premiums attached, so it is a good idea to consider whether you really need that souped-up exhaust before getting it fitted.

Finally, stay safe on the road. There is no riskier a customer to an insurance company than a driver with a poor driving record. In addition, breaking the law in your car may invalidate your insurance policy if the insurer finds out about it in the event of a claim. For example, racing and drink driving can invalidate a policy or result in your claim being rejected.

  1. Use ethanol fuel

With gas prices increasing every year, it is not surprising that biofuels have recently been embraced by the American people. Not only is ethanol fuel cheaper than regular gas, but it is also renewable, meaning that you will be doing your part to save the planet at the gas pump.

Before you go ahead and fill up your tank, however, it is important to make sure that your car is capable of running on ethanol fuel. Check your car’s manual or with your car’s manufacturer to avoid the risk of damage to the engine.

  1. Get a cheaper car to run!

One very large car expense all students will eventually need to get acquainted with is servicing. Cars do not just run themselves – they need maintenance to ensure a smooth ride. However, many cars cost a lot to service. On one end of the spectrum, very old cars are more likely to break down often, and parts for these kinds of cars do not come cheaply. On the other hand, very new and expensive cars can often require expensive parts as well. Choose a reliable second-hand car to save the most money.

Ultimately, saving money on car expenses is something we would all like to do. However, if the costs just become too great, there is an easy way out – simply sell your car and take public transport anywhere. The cost of tickets on public transport is much less than what it costs to run a car.

Author Bio: Izzy Mackey works for a company that provides rates on car insurance for those in Florida.


3 Ways A Student Can Save Money On Car Expenses — 2 Comments

  1. Pingback: Should Students Have a Car? | Poor Student

  2. I didn’t have a car in college so I was able to save money that I would have spent on parking and insurance on my textbooks and meal plans. Fortunately I had friends with cars so I was still about to get around and go out with them.

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