Owning a car is a big financial responsibility. The costs can add up quickly for gas, insurance, and maintenance. But there are ways to reduce the cost of vehicle ownership and make it more affordable. Here are some excellent ways to do just that.
1. Consider Getting Extended Auto Warranty Coverage
One way to reduce the cost of owning a car is to buy extended auto warranty coverage. This can help you cover the cost of unexpected repairs down the road.
It’s a wise investment and can save you from having to pay out of pocket for expensive repairs, especially to the most significant components of your car, like the engine and the drivetrain. It’s especially more valuable when your auto repair goes wrong.
There are plenty of extended warranty providers in the market today. Two of the more renowned ones are CarShield and Endurance. Both offer a variety of coverage plans to choose from.
2. Try to Keep Your Miles Down
Another way to reduce the cost of car ownership is to keep your mileage down.
The more miles you drive, the more wear and tear your car will experience, leading to increased maintenance costs.
So try to carpool or take public transportation whenever possible. You can also combined many chores into a single trip.
If you must drive, try to stick to short trips and avoid driving in rush hour traffic.
Buying gas from Costco, BJ’s sand Sam’s clubs also provides handful of savings every month.
3. Find the Right Car for Your Needs
One of the best ways to reduce the cost of owning a car is to find the right car for your needs.
If you don’t need an SUV or a large sedan, don’t buy one.
There are plenty of smaller, more fuel-efficient cars on the market that will meet your needs without breaking the bank.
4. Shop Around for the Best Car Insurance Rates
One of the biggest expenses associated with owning a car is car insurance. Taking help of price comparison sites can land you best rates, rather than asking insurance agents for best quote.
At the same time, I often found agents that were able to give me better than online quote I received. This is true for any insurance provider in North America.
The trick is to not accept the online quote, rather check for the option to setup consultation with a near-by agent. Try this next time!
But you can shop around for the best rates and find a plan that fits your budget. Be sure to compare quotes from several different insurance providers.
5. Keep Up With Regular Maintenance
If you want to reduce the cost of car ownership, keep up with regular maintenance.
This includes getting your oil changed and your tires rotated regularly.
Check the owner’s manual if you don’t know when your car is due for a routine checkup.
You can also give your dealer or service center a call to get this information.
It’s an excellent idea to have your car inspected by a mechanic every few months.
This will help you catch any potential problems before they become expensive repairs.
The Takeaway: Car Ownership Need Not Be Expensive
There’s no doubt that owning a car is a significant expense.
However, don’t worry. There are ways to keep the costs down.
You can make car ownership more affordable by getting extended warranty coverage, keeping your mileage down, finding the right car for your needs, and maintaining your vehicle regularly.
Follow these tips and you’ll be on your way to saving money.