5 easy ways to invest in your car
16 October 2017
Whether you're buying a sports car or a hatch-back, your car is an investment. That might sound strange: the value of most vehicles depreciates as soon as they're driven out of the car yard. But if you want to get as many years out your wheels as possible or are planning to eventually resell, treating your vehicle as a valued asset – like protecting it with car insurance – can save you huge amounts of money down the track. Think of it as one of the easiest investments you'll ever make.
Of course, like finding the right motor vehicle insurance, taking care of your car isn't just about securing your financial future. You're also taking responsibility for your safety, and even the environment.
Here are 5 easy ways to reduce running costs and optimise the lifespan and resale value of your car.
1. Minimise mileage
The main thing that determines your car's value is mileage, and the most effective way to keep your car in mint condition is simply to drive it less. Walking or cycling whenever possible is great for your wallet and your waistline, but it also ensures that your car will stay in better shape for longer.
For longer trips, when driving isn't absolutely necessary, take public transport instead. You'll be saving the planet and saving your car's peak performance for the times you really do need it. Browsing social media on the train is a lot less stressful than navigating traffic. And when the time comes to trade your car in, you'll be grateful having kept the digits low on that all-important odometer.
With our low kilometre saving, driving less – under 10,000km a year – could even save you a few dollars on your car insurance premium. That's why it's important to update us if you do start to minimise your mileage. You can do this any time by logging in to My Suncorp, selecting the policy you want to update, then choosing 'Update policy'. You'll be able to update the average kilometres you drive each year there!
2. Check the tyre pressure
Checking your tyres is one of those things that often falls to the bottom of to-do lists. But keeping your tyres properly inflated can improve your fuel efficiency. This also makes it one of the easiest ways to reduce your greenhouse gas emissions.
Sagging tyres also wear out quicker and put more strain on your engine. Always make sure to inflate your tyres to the level specified in your vehicle's manual. By spending that extra minute checking the pressure at the service station you could prevent major expenses down the track.
3. Drive efficiently
The style of your driving has a huge impact on the condition of your car. If you follow these tips for efficient driving, you could preserve expensive parts and slash your petrol usage by as much as a quarter:
- Avoid idling – modern cars don't need to ‘warm up'
- Plan for traffic and steer clear of peak hours
- Accelerate gently to minimise revs
- Keep your speed steady by being mindful of hazards ahead
- Stay at least three seconds behind the car in front of you
- Slow down by coasting rather than breaking suddenly.
The best way to drive efficiently is to drive safely. With Suncorp Car Insurance, going longer without making a claim can be one way to save on your Car Insurance premium.
4. Service regularly
A car service is a bit like a doctor's check up: easy to put off and even easier to regret putting off. When it comes to investing in the future of your car, nothing is more important than keeping it professionally maintained.
If you suspect something could be wrong with your vehicle, don't delay hearing the bad news – it's dangerous, and will only make any problem worse. And if everything seems fine that's great, but there are still reasons to get your next service as soon as it's due, because you'll be able to nip any potential future issue in the bud. Finally, remember to always keep a thorough log book of any services, accidents, or work done on your vehicle.
5. Protect your investment with Car Insurance
The most effective way to invest in your car is to make sure it's properly insured. Your vehicle is a precious asset, and it's important to have the proper security in place for if something does go wrong.
To protect your investment, make sure you choose the right car insurance policy for you.
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.