How Renting A Car Can Boost Your Personal Finances

How Renting A Car Can Boost Your Personal Finances

It’s 2023 and money is on everybody’s mind. With daily expenses skyrocketing, the cost of living crisis has made us think more about our budgets than ever before, and if you’re looking for areas you can cut back on your spending, then you’re not alone! Fortunately, there are tons of ways you can make your money stretch further, and one method is by switching to hire cars instead of owning your own.

Interested? Let’s dive into the details of how Hiyacar could boost your personal finances.

How Often Do You Use Your Car?

If you’re not using your vehicle all that frequently, it may be bleeding money from your bank account. Owning a car is a huge expense, costing the average Brit around £3,400 a year and making it the second biggest outgoing (after rent or mortgage payments) for most drivers. This cost is made up of a wide range of car-related expenses, including:

  • Initial cost
  • Petrol, diesel, or electricity costs
  • MOT and repairs
  • Tax

If you drive your car every day, be it to work or to ferry your little ones to and from school, it might be an unavoidable expense. But if you only need to turn on your engine a couple of times a month, the cost per use is going to be astronomical. Taking the figure of £3,400 a year, using your car just once a week would make each journey cost you over £60, even if you’re just popping to the shops!

With a vast array of different, cheaper transport options available, like buses, trains, and bicycles, having a car isn’t a must for everyone. If you can get around without one, it could save you thousands of pounds a year.

Hire Cars Bridge the Gap

Of course, sometimes a car is a fantastic asset. This is where hire cars come in. If you choose to ditch your vehicle and boost your bank balance, hire cars offer an affordable way to still access a car when you need one. Perhaps you like to go camping once a year or take UK day trips, both of which need a car.

It’s a huge waste of money to keep your vehicle up and running just for these, and a rental vehicle allows you to get on the road for a fraction of the cost.

Know What You’re Paying - No Nasty Surprises

With the cost of living crisis and the uncertainty around UK interest rates, it’s important to understand the different ways to make your money stretch further, but choosing rental cars instead of owning your own vehicle is a surefire way to make a quick difference to your accounts.

One of the biggest perks of hiring vehicles instead of owning them is that you can forget any hidden expenses. With your own car, you may experience surprise increases in tax or insurance costs, and any breakdowns can eat away at your budget. With a hire car, though, you know exactly what you’re paying for.

The cost of the car for the time you need it is confirmed before you make any commitment. You know for certain that you can afford it, and you don’t have to worry about nasty surprises. There are no tax fees or car washing costs; what you see is what you pay. When your budget is tight, this sure knowledge can be a huge comfort.

Adjust Your Driving to Suit Your Money

When you own a car, you have to work your budget to suit your vehicle. With a hire car, though, you can adjust your driving to suit your budget. With prices changing month to month, this flexibility is a lifesaver.

For example, if one month you see that you have very little money to spare, you can focus on sticking to public transport and staying local. The next month, you may have more extra income that you can use to hire a car for a weekend getaway. The point is that you don’t have an expense set in stone and can adjust your spending to suit your bank balance.

Forget About Fuel Costs

Fuel costs have been on the rise for some time now, and they’re expected to keep going up in 2023. For car owners, this is a constant stress. For hire car lovers, it’s not a problem!

By giving up your car and using public transport to get around, driving becomes a pleasurable experience that you only do when you know you can afford it. If fuel costs shoot up, you can wait until they return to normal before you do any long-distance travel. Trust us, this’ll do a lot for your stress levels!

You’ll also have extra money to put towards fuel. By not driving so frequently and reducing the expenses of owning your own car, a couple of pounds extra in the tank becomes less of a strain on your accounts.

There’s no doubt that for infrequent drives, opting for rental cars is a fantastic way to save money. At Hiyacar, we make renting a vehicle for your short or long journeys a breeze. Be sure to check out more about us or view the cars that are ready to go now, helping you boost your finances and get on the road when you want.

Kate Sheppard

Kate Sheppard

Guest Writer

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