The costs of living seem to be ever on the increase, as of late, and, in some cases, those costs weren’t exactly low to begin with. That’s precisely what a lot of people are discovering as they assess the growing slice of the budget that car costs tend to take up. However, you don’t have to simply let those cost increases roll out without a fight. Here, we’re going to look at strategies you can take to make a real dent in how much you’re paying for the cars under your household’s possession.
Think About Your Driving Habits
First and foremost, you should ask if you can possibly drive less than you currently do. There may be trips that you’re making that could be as easily completed on foot, by bike, or using public transport. Even cutting out a few car journeys a week can reduce car costs across the board. You’ll pay less on fuel, lower wear and tear, and might even help your insurance rate.
You can also reduce your time on the road by planning smarter routes, combining multiple errand runs into one, and avoiding being on the road during high-traffic times. You may even find that you don’t need quite as many cars as you currently have.
More Maintenance Means Fewer Bills
While it might seem like you would have to pay for the replacement parts and supplies used in maintaining your car, those short-term savings typically come with much bigger costs down the line. Regular oil changes, tire rotations, brake checks, and fluid top-ups help prevent major issues like engine damage or brake failure.
Stick to your vehicle’s maintenance schedule and avoid ignoring warning lights simply because you don’t want to deal with a bill right now. Of course, learning some of those basic car DIY tasks, from changing wiper blades and replacing air filters to switching out brake pads, can help you reduce how many visits you have ot make to the mechanic each year, which can further decrease those car costs.
Don’t Auto-Renew Your Insurance Policy
A lot of people will choose a car insurance policy once and then simply agree to let it auto-renew when their policy runs out. However, if you’re not regularly comparing your options, your current contract might not be the one that best suits your needs. For instance, premiums alone can fluctuate depending on age, location, car type, and your credit score.
Take the time to explore your car insurance options, checking for better deals. You might even be able to bundle car insurance with home insurance and other policies for discounts. You may also want to consider adjusting your deductible if you’re able to afford a higher out-of-pocket expense when making claims, and cut any policies that you don’t think you need as much, such as roadside assistance if you already have it elsewhere.
Buy Cars With Care
Of course, the biggest car expense, by a considerable margin, is when you have to buy the vehicle in the first place. Even if you’re not planning to buy a new car or a replacement just yet, it’s important to be mindful of how you can save money while doing it. Ensure that you’re buying what fits your needs, avoiding paying for features that are attractive but not really a priority.
Navigating the used car market with care can ensure that you’re fully inspecting and testing cars before taking them home, avoiding unforeseen problems. You can even pay a little more now for certified pre-owned vehicles, which tend to have fewer issues down the line that might end up costing you more.
Don’t Buy Premium Fuel All The Time
Although many manufacturers will recommend premium fuel, the truth is that it doesn’t always impact car performance in any meaningful way. If your car runs perfectly fine on regular unleaded gas, then you could be spending significantly more per gallon, which adds up significantly over time. Fuel prices are already on the rise.
Being overly picky with your fuel can end up costing you hundreds more, even when the regular type would do no more harm to your engine or change your driving experience all that much. The next time you’re talking to your mechanic, ask if they think premium fuel really makes a difference to your car in particular.
Account For Parking And Toll Expenses
Your daily driving costs go well beyond gas and maintenance costs alone. If you go through any toll booths or use parking lots, then those fees can eat away at your budget, as well. Bette route planning ahead of time can help you avoid some of those car costs, but if you need to use a parking lot regularly, then you might want to consider a monthly parking pass that covers all of your needs.
There are even parking spot apps that can help you find the cheapest spots near you and book them in advance so that you don’t end up paying more than you need to by hunting for the first spot that you can find.
Be Mindful Of Your Resale Value
While it might not impact your day-to-day spending on your car a whole lot, keeping resale value in mind can pay off when it comes time to part with it. Aside from investing in routine maintenance and keeping up with your logbook, the best way to maintain your resale value is to avoid investing in any modifications that can affect it.
Not only can things like oversized wheels, aftermarket exhaust systems, and flashy body kits affect your resale value, but they can also reduce the fuel efficiency of the car and increase your insurance premiums. Some upgrades, even if they’re expensive, do the opposite of adding value to your car, as people tend to prefer buying cars as close to the manufacturer’s stock as possible.
Car costs are always going to be a significant portion of your budget. So long as you’re driving, you should expect to pay for it. However, the strategies above can at least help you ensure you’re not paying much more than you should.
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