Reliable transportation is a necessity. People depend on transportation for work, shopping, and much more. But car repairs, auto insurance, general maintenance, and gas can take a chunk out of your bank account. Save money with these simple ways to cut your car expenses.
Get a Car Insurance Quote
Car insurance is an unavoidable expense. Most people get comfortable and keep the same insurance for years. They never consider that a competing insurance company might offer a better rate. Even if you’re pleased with your current rates, it doesn’t hurt to see if a better price is available. It costs nothing to get a car insurance quote from another company. You can even start comparison shopping online. You might discover you can save hundreds of dollars for the same coverage.
Check Eligibility and Discounts
See if you’re eligible for discounts with your current insurance company. Some insurers offer discounts for choosing paperless billing or for having a safe driving record. It might even be possible to receive a discount for bundling your home and auto insurance with the same company.
Change Your Insurance Policy
Consider changing your car insurance policy? Most people have liability, collision, and comprehensive coverage. But for an older car, you could end up paying more for insurance than the car is worth. That means the amount you’ll receive following a collision will be less than what you’re paying for your policy. Save money by opting for liability and dropping collision and comprehensive coverage.
Increase Your Deductible
Increasing your deductible is another way to save on car insurance. A higher deductible means you’ll pay a lower monthly premium.
Hold On to Your Vehicle
Statistics show, most people keep a car for at least 6 years. The 6 year mark is when a person is likely to trade their car for a new one. But as long as the car is well maintained, driving it for a longer time can save money. So unless the car is costing more in repairs than it’s worth, you might want to hold on to it. Insurance rates are lower for older cars and you also avoid the costs associated with buying a new car.
A new car depreciates in value fairly quickly. The car’s value decreases with each year of ownership. Unless it’s a valuable classic car, you’ll never make back what you put into it. So instead of getting a new car, it’s financially smart to maintain your current vehicle. Your savings will accumulate the longer you own the car.
Use Your Car Less
Driving only when necessary saves money on gas, but you can also save money in other ways by driving less. Your tires will remain in good shape for longer, eliminating the need for new tires. You’ll need fewer oil changes, fewer repairs and cause less body damage. Driving your car less will also result in fewer chances for accidents.
Consider Alternate Forms of Transportation
Consider alternate forms of transportation, such as walking, taking a bus, or riding a bike. The less you use your car, the less money you will spend.
Consolidate Trips
You can consolidate your driving by performing several tasks in one day. For example, go to the grocery store after leaving the library instead of saving it for later. Fill up your tank, get an oil change and visit the car wash all on the same day.
Start a Car Pool
Convince some friends or family members to start a carpool. Carpooling saves money and it good for the environment, the fewer cars on the road means less pollution in the air. It also helps save money on gas and wear and tear on your car.
Turn the Motor Off
Turn the motor off if you’re sitting for more than a minute or two. Your car burns fuel when it’s cranked, even if you’re not moving. Idling is acceptable, but only if you’re in traffic.
Stay on top of Auto Maintenance
Preventative maintenance decreases the chances of needing a major repair. When you keep your car in good working order, you’re less likely to need an expensive repair. Your owner’s manual will provide specific information about servicing your vehicle.
Here are some general maintenance tips that anyone can follow:
• Check your tires and fluid levels when you get gas
• Change your oil and check your battery as advised by the manufacturer
• Rotate and balance your tires and check the brake pads after 7,500 miles
• Have a trusted mechanic thoroughly inspect your vehicle yearly
Find a Reliable Mechanic
Finding a reliable mechanic isn’t always easy. You can ask friends and family for recommendations. Once you find a mechanic that you like, continue to use the service. Taking your vehicle to the dealer is an option as well. You will likely receive good service, but you might also be presented with unnecessary maintenance. Avoid this situation by stating what you want done. You can even bring the owner’s manual to show the mechanic which service is recommended by the manufacturer.
You’ll always have to spend some money on your car, but you can reduce the cost with the helpful tips above.
