Buying a car is one of the most significant investments you make in your life, second perhaps only to purchasing a home. The cost of maintaining this vehicle, which includes expenses such as motor oil, tires, and fuel, can be considerable and requires careful consideration. Remember, the cost associated with car ownership doesn’t end once you’ve paid for it, whether upfront or via loan.
In addition to fuel, you’ll also need to account for insurance, maintenance, and eventually, repairs. Even if you have budgeted for these, the cumulative cost over time may be substantial. Fortunately, there are ways to reduce these expenses. Here are eight strategies to save on many common car costs:
1. Regular Oil Changes:
Having your oil changed every 3,000 miles is crucial for your vehicle’s proper functioning. Although it seems like a minor inconvenience and expense, it can significantly extend your engine’s lifespan and save on future repairs. Be sure to use the recommended grade of oil for your vehicle – it might cost a bit more, but it can save you money in the long run.
2. Maintain Tire Pressure:
Correct tire pressure is vital, especially in cold weather. Keeping your tires at the recommended PSI can prolong their lifespan, saving you from frequent replacements. To ensure your tires are appropriately inflated, invest in a tire gauge and check your tire pressure monthly. But don’t rely solely on your vehicle’s pressure monitoring system – it may not alert you in a timely manner to pressure loss.
3. Reevaluate Your Insurance:
It’s always a good idea to compare insurance providers before you choose one. By getting multiple quotes, you’ll likely save money when compared to settling with your first option. Be sure to assess your policy annually to ensure it’s still suited to your needs and that you’re not overpaying for unnecessary coverage.
4. Avoid Dealer Add-Ons:
Dealerships offer various extras, like custom wheels, roof racks, speakers, or navigation systems, during the purchase process. However, these add-ons are typically overpriced. You’ll likely save considerable amounts by sourcing these extras from aftermarket suppliers.
5. Budget Wisely:
The type of vehicle you buy significantly affects your maintenance costs. Luxury cars generally require more expensive upkeep. Keep in mind that insurance costs can also rise if you choose specific models, like sports cars. By determining what you can afford before shopping for a car, you’ll save money in the long term.
6. Do Your Repairs:
Getting your car serviced can be costly, especially when you factor in labor costs. While you can’t perform all maintenance tasks yourself unless you’re a mechanic, you can certainly manage simple tasks. For instance, changing the oil or checking tire pressures, which can save hundreds over time.
7. Practice Smart Driving:
Even though it sounds like parent-style advice, driving responsibly can save big bucks. Aggressive habits like speeding, heavy acceleration, and hard braking can wear your car and its components down quicker. Also, avoid letting your car idle for extended periods, which wastes fuel.
8. Stick to a Maintenance Schedule:
Upkeep is a fact of car ownership, but if you keep a consistent maintenance schedule based on your car’s manual, it can save you money. Knowing exactly what maintenance is needed and when can help you avoid unnecessary services suggested by service dealers.
Car ownership comes with unavoidable expenses. However, you can minimize them by incorporating wise practices and habitual changes. By doing research and making informed decisions, maintaining your car won’t have to be a budget-buster.
Do you have any success stories using these suggestions? Are there other ways you’ve found to save on car expenses? Share your experiences with others and maybe you can help them save too.
