Filling the tank can feel expensive enough. But the weekly fuel bill is only part of what your car is costing you, writes Geraldine Herbert
Insurance, tax, servicing and repairs all add up. Then there’s depreciation: the money your car loses in value while sitting outside your home.Research by the Economic and Social Research Institute found that 72pc of more than 800 Irish motorists underestimated their annual motoring costs, with estimates falling short by more than €1,000.
So where can drivers make worthwhile savings? Start by looking beyond the pump.
Save on upkeep by catching problems early
Postponing a service might ease this month’s budget, but it can leave you facing a bigger bill later.
Worn brake pads, for example, can damage the discs if left too long. A missed timing-belt replacement can lead to major engine damage. Incorrect wheel alignment can shorten tyre life and affect fuel economy.
Follow the manufacturer’s service schedule and deal with faults promptly. And remember: passing the NCT doesn’t replace regular servicing.
Keeping your car in good condition also helps protect what you’ll get for it when it’s time to sell.
Give your insurance renewal a proper look
It’s tempting to let a renewal roll over. Before you do, compare quotes for equivalent cover.
Check that your mileage, occupation and vehicle use are accurate. A higher voluntary excess may reduce the premium, but only choose one you could comfortably afford if you needed to claim.
The cheapest quote is useful only if the cover works for you.
Make every tank go further
Small changes to everyday driving can help reduce fuel use. Accelerate gently, anticipate traffic and combine short journeys where practical.
Check tyre pressures regularly, clear unnecessary weight from the boot and remove roof boxes or bike racks when they’re no longer needed. You could be paying to carry—and push through the air—equipment you haven’t used in weeks.
Do the sums before switching cars
An electric car can bring lower energy bills, particularly with home charging on a suitable night rate. Relying heavily on public charging changes that calculation.
But cheaper charging alone doesn’t establish whether changing cars will save you money. Include the purchase price, depreciation, insurance and likely resale value.
Buying a used EV? Ask for battery state-of-health information.
Look past the monthly repayment
A manageable monthly payment can make a finance deal look attractive. It doesn’t tell you the full cost.
Compare the deposit, repayments, fees and final balloon payment. Check mileage limits and the cost of ending the agreement early. Even a 0pc offer deserves scrutiny if another payment option comes with a lower purchase price.
Before signing, know exactly what you’ll pay and how you’ll fund any lump sum at the end.
The best place to start is with your own figures. Add up a year’s motoring costs, keep maintenance on schedule and review the bills you can change. That gives you a clearer route to savings than watching fuel prices alone.
