Having a car is no longer a luxury because, most of the time, you will need it to run errands for your home or business. Though a car is an asset, it decreases in value very fast. That is why it is crucial to keep it in good condition to ensure its value doesn’t decrease too much.
Additionally, when you keep your car, you save money in the long run. You will not need to replace batteries or tires, and other parts all the time. Here are five ways to help you save on car expenses this year and beyond.
Buy a Used Car in Cash
Every year, 33% of renters move. So if they have cars, they are likely to sell them. You can take that as an advantage and buy a used car. A car that has been used for around 1 to 3 years is in good condition and doesn’t require a lot of maintenance. To ensure you save more on this, consider buying it in cash. That will ensure you save on monthly installments that you could have paid if you purchased a new one on loan. Again, you minimize the risk of losing your car if you lose the ability to finance it.
Have a Car Budget in Mind
Before buying a car, consider doing some shopping first. For instance, if you have a car you have been admiring, take time and do some research. That will help you know the value, the price, and the condition of the car. You don’t want to buy a car that will make you spend bucks in garages repairing and paying high maintenance fees. When you look at a survey of car repairs from 2017, the three most common repairs were replacing oil and oil filters, windshield wiper blades, and air filters. You can avoid that by using online tools like
Ask For Your Credit Score
It is important to know your credit score when financing a car. A good credit score means you will get better interest rates. On the other hand, it will help you negotiate the cost of your car. If done right, these can save you a lot of money in the long run. The best time to finance that car is when your credit score is high because the interest rates will be much better.
Draft a Fuel Cost Budget
The easiest way to do this is to estimate the fuel you use on either a weekly or monthly basis. Whichever errands you run using your car, ensure you write so that you can know how you will save fuel money. The good thing about this tactic is that you will avoid emergencies since you will always have money set aside for fuel.
Additionally, you can do the following to save more;
- Fill your car with gas at stations with the best prices. If they are along your day-to-day route, that can be a fantastic way of saving.
- Keep your tires inflated to save on gas.
- Go for cars that have high gas-mileage ratings.
- Be mindful of your speed limits. In most cars, when they travel at 60 mph, the gas decreases. You can choose to drive within that range.
Registration Fees, Parking Fees, and Others
Excise taxes or valor are charged annually by most states. There are other costs like annual registration fees that you need to remember. Don’t forget to look out for parking fees, since 95% of the time, cars are parked in the United States. All these costs can add to your budget, so do your math and know how to save on such before taking that car.
These were just five of many tips that can help you save on your car expenses this year. Keeping your car in good condition is key when you’re looking to maintain its value.