The price you pay for the convenience of having a reliable means of transportation is steep. Even if you managed to get your car at a great deal there are ongoing expenses you’ll be required to cover. Finance payments, registration, insurance, gas, maintenance, repairs, and other related costs dig deep into your budget causing all kinds of problems. When you’re trying to support a family, owning a car can quickly go from a convenience to a burden.
You may not be able to eliminate all the costs associated with owning a car, but there are ways to lower them. Here are a few solutions listed below:
One of the biggest associated costs of owning a car is the monthly payments. Depending on your credit status and the type of loan you secured, you could be looking at several hundred dollars each month. You can save money on your car loan payments by considering the following:
- Refinancing at a lower interest rate
- Making bi-weekly payments to pay down balance faster and reduce interest
- Pay extra towards the principal balance when you can
Insurance is one of those car-related expenses you can’t get around. Without it, you run the risk of getting tickets, paying fines, and even worse, getting in an accident with no financial backing. The best ways to save money on car insurance are listed below:
- Shop around to compare rates annually
- Increase your deductible
- Ask about discounts for drivers
- Bundle other insurance policies (life, home, renters, etc)
Maintenance and Repairs
If you want your vehicle to operate efficiently you must keep up with routine car maintenance and, occasionally, cover necessary repairs. There are a lot of factors at play with this one but a repair or maintenance job can range from a few bucks to several thousand. Keeping these costs down requires solutions such as these:
- Keep up with maintenance to reduce the need for major repairs
- Shop for car or truck accessories and parts online to get a discount on maintenance and repair jobs.
- Learn how to do basic car maintenance yourself
Your vehicle needs fuel to get you safely from point a to point b, but the cost of filling up every week is grueling for many families. You may not be able to lower the average gas prices but you can reduce how much you’re putting out at the pump.
- Use a gas app to help you find the cheapest fuel in the area
- Drive the speed limit to avoid burning gas faster
- Group errands together to reduce driving times
- Keep up with maintenance as misaligned tires, bad oil, and dirty filters will drain your gas faster
- Walk when you can
Owning a car would seem to be a blessing and a curse. It’s convenient for getting you and your family to and from your desired destinations, but it’s an investment that you have to continue to shell money into. Besides getting rid of your car for good, the only way to save money on this household expense would be to utilize the tips advised above.