6 Reasons to have a savings pot for your automotive needs

One of the most important and expensive purchases a person can make is a car. That’s because more often than not, it can be a big investment that (hopefully) will last you many years.

But this investment isn’t just a onetime thing. Cars require regular upkeep and will continue to cost you over the years, which is why having a savings pot specifically for your vehicle is so important to have.

In this article, we look at six great reasons why to have a savings pot for all your automotive needs. Read on to find out what they are!

Routine maintenance

All cars require routine maintenance to keep them in good shape, environmentally friendly and safe to drive. Regularly maintaining your car can prevent more costly repairs in the long run, even if you need to make smaller payments towards it on a more frequent basis.

Maintenance can also benefit you by extending the life of your car and improving fuel efficiency, which can save you in the long run.

Tire replacement

Another cost comes from tire replacement, which is important for maintaining the performance and efficiency of your car (as well as safety too). Whether they’re regular tires or performance tires, they’ll break down over time due to use, different weather conditions and changing road surfaces.

It’s recommended that tires get replaced at about the six-year mark, but you should check them more frequently that for signs of excessive wear and tear to stay safe.

Insurance renewals

Insuring your car isn’t just beneficial to you – it’s a legal requirement. The cost of renewing your insurance once you have it can be influenced by factors like the make and model of your car, your driving record or any accidents or claims made. It’s worthwhile having savings put aside for this in case your renewal increases unexpectedly.

It’s worthwhile comparing different insurance providers too when renewal time comes up to see if you can get a better offer.

Repairs

The regular use of your car means that sometimes they require repairs should they malfunction or have a breakdown. There are more affordable repairs like changing a brake pad or replacing a battery. But the costs can quickly add up, especially if the repairs happen to be more expensive, like a transmission issue.

Having a savings pot that exists specifically for your car and different types of repairs will help to lessen the stress should you experience the need.

Peace of mind

Speaking of stress, having a savings pot for your car can deliver the all-important (and priceless) peace of mind. Life in general is expensive, and costs can arise whether you anticipate them or not.

A surprise wedding announcement can mean you might have to pay for all the celebration costs that come with it. While bad weather can damage your home and means you’ll have to have money aside for any repairs. Keeping aside money that goes solely to your car and no other areas of your life means that should something happen; you know you’ve got the funds on hand to sort it out. So, you don’t need to feel anxious about not having enough if your car should breakdown.

Savings for what’s next

As we mentioned above, purchasing a car is one of the most expensive purchases you’ll make. But over the course of a lifetime, it’s likely that you’ll need to buy another (or multiple) as new makes, models, safety features and regulations come out. 

Now you may find yourself not wanting to create a pot or not liking the notion of creating separate pots. That’s perfectly fine, you can use this article to fuel other ways of saving.

Even while having a car, it’s worthwhile having the extra cash on hand for your next car purchase in years to come. Even putting small increments towards it over time can add up and make a difference. And over time, you might even have enough to purchase your dream vehicle (if you haven’t already) the next time around.