Aside from houses, our cars are the most valuable possessions that most of us own. And the cost of owning a car isn’t limited to the vehicle itself; gasoline, auto insurance, maintenance and repairs are all included on the list of vehicle expenses. That’s why it’s important to look at all of these parts separately when creating a plan to reduce your monthly car budget. Here are four tips that will help you along the road to becoming a frugal car owner.
- Save on gas – The price of gasoline changes more than almost any other product we purchase. To stay ahead of the price changes, keep an eye out for patterns in the cost of gasoline. For example, prices tend to go up during the weekend, so make a habit of filling up on Tuesday or Wednesday when prices are typically at their lowest.
- Get affordable insurance – Auto insurance is a monthly bill that we don’t spend much time thinking about. But a short phone call to your auto insurance provider can lower your premium, and ultimately save you hundreds of dollars every year. To make sure you get the best rate, ask your insurance provider whether you qualify for any insurance discounts. Then, compare your new low rate with rates from other companies, and choose the provider th
at offers the coverage you need at the best price. - Refinance your ride – If your monthly auto loan payment is more than you can afford, or if you’re paying too much in interest, consider an auto refinance. Whether you have a new or used car loan, refinancing can adjust your payments or interest rate according to your financial goals.
- Keep up with vehicle maintenance – One of the most effective ways to increase the life of your vehicle and save money in the long run is to keep up with regular car maintenance. From oil changes to tire pressure and rotation, consult your vehicle’s owner’s manual about how often to perform certain checks. If you’re not sure how to perform a certain maintenance task, be sure to get the help of a professional mechanic.
These are just a few of the ways to save money on your vehicle expenses. Once these practices become habit, you will have a long term plan in place to permanently reduce your monthly auto budget.
Leave a Reply