Owning a vehicle can be quite expensive. Car payments, repairs, and gas can quickly add up. Keep costs lower by using these tips on How to Save on Your Car.
Do you have a car? If so, you know that it can be incredibly expensive to own one. Car payments, repairs, and even just filling your gas tank can all have a detrimental effect on your budget. If you’re not currently doing much to cut your transportation costs, you should start. They can account for as much as 30% of your budget if you’re not watching, and you are literally sending more money than you need to be down the road. Check out these tips on How to Save on Your Car to get started.
How to Save on Your Car
Drive less – This one seems like a no-brainer, but driving less is the best way to save. Walk, take a bus, train ride, or a bike to areas that you need to visit that are close to your home. Not only will you save on gas costs and wear to your vehicle, but if you’re walking or biking, you’ll be healthier and save on health care costs too.
Shop for a discount – Most grocery stores have a gas station too and if your local ones do? You can use them to save on fuel costs simply by doing your regular grocery shopping. Most stores will run some sort of promotion where you will save on gas when you buy groceries. Use these promotions to your advantage and lower what you’re spending to fill up.
Use an app – Apps for your phone such as Gas Buddy can help you save quite a bit on your gas costs. They search the gas stations in your area and help you find the lowest priced one. If you are near the station, it is worth making the drive to save money. If you’re not near it though, don’t waste money by using more gas on the drive than you will save.
Maintain regularly – Your car is a machine and as such it needs to be serviced frequently. Doing so will not only help it run like it should but will also help you save money. Things like regular oil changes, making sure your tires are properly inflated and making sure your engine fluids are filled are just the tip of the iceberg. By keeping your car properly maintained, the engine will work like it should. Without that maintenance, it must work harder which will cost you more in gas costs now and major repairs later.
Downsize – Do you need the huge vehicle you currently own? If you have six kids, probably. If you’re a small family, consider downsizing the size of your car. It’s simple to understand. Larger cars cost more to operate and maintain. Smaller cars cost less.
Skip the loan – Finally, you will save the most money on your car by refusing to take a loan to buy your next one. Depending on your credit score, you could end up paying as much as 22% interest on your loan. That is $22.00 interest for every $100 that you finance. This means that if you financed a $20,000 car at 22% interest, you would end up paying an extra $4400 in interest. Instead, look at your budget and calculate how much money you can afford per month if you were going to make a car payment. Take that money and stash it away in a savings account each month. When you have enough to purchase a new car, do so in cash.