Financial drain. It is what you get when you fail to monitor your car’s costs. Owning a car comes with responsibilities such as scheduled maintenance, having enough gas, having insurance cover, and more. Since these expenses are not one-time, you have to increase your budget.
Auto insurance is mandatory in most states. To adhere to the requirement, most people fall for the most expensive providers since they are popular and have an established name. However, affordable car insurance is available, and it is one way of slashing your car costs. Other methods of reducing these costs include:
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Minimizing Car Idling
When you are making a quick stop at a grocery store or at your friend’s, you are likely to leave your car running. After all, it will only take you a few minutes, maximum 10. This can lead to increased fuel consumption, making your car’s costs go up.
Let’s do the math. According to axioma.co.uk Every time you leave your engine running, you lose approximately $0.03 per minute. If your car has a big engine, you can lose a quarter a gallon per hour when you leave it idle. To cut these expenses, consider turning off the engine whenever you leave your car for more than ten seconds.
Another instance where you may be tempted to leave your car idling is during winter. We believe that leaving our vehicles running for a while will help heat the engine before we start driving. However, the manufacturers advise against it. According to them, you should drive your car slowly after starting the engine, which warms up faster than when idling.
1. Save on Repairs and Maintenance
Car manufacturers recommend maintenance schedules to help keep your auto in good condition. Modern cars have smart systems that remind you of such schedules in case you forget. The schedules are also specified in the car manuals and the warranties.
Take these schedules seriously. You can easily postpone them when you feel that your car is operating okay, but it can be a costly decision. Find a good garage with experienced mechanics for your car model where you will be taking it for repairs and maintenance.
2. Drive Safely
Speeding may seem cool, especially when driving a luxury sports car. But there is a price—more gas consumption. Speeding on the highways can reduce your gas mileage by 33%, which means more visits to the pump and emptier pockets. Consider maintaining your speed at 50 mph, which can help you save up to $198-$477 annually.
When coming to a stop, avoid hard braking. It is another reason you can end up spending more on your car. It means fast wear and tear of your brake pads, which means more replacements. By slowing down, you extend the lifespan of your brakes to 10,000-20,000 miles. It averages to total savings of between $600 and $1,000.
3. Do Small Repairs
Try to avoid visiting your mechanic each time you need a repair. Some repairs are minor and do not require expertise to handle. You can easily learn to perform these repairs, such as changing fuses, headlights, wiper blades, fluid, and putting air in the tires.
Of course, your mechanic—who will be excited to see you often—may fail to tell you that some of these repairs are DIY. By reducing such visits, you save significant amounts that you can use on other things, such as buying gas or paying for your insurance premiums.
4. Reduce Your Car Usage
Running errands such as grocery shopping, visiting friends, parks, and other places happens often. And you can always grab your car keys to move faster. Instead of doing these things in a rush, consider planning them to avoid the urge to move fast.
With proper planning, you can reduce the number of times you need to use your car. For example, if you are not bulk shopping, you can consider walking to nearby stores instead of driving. Walk to your friends or the park as well. Not only does walking help you save on gas and reduce wear and tear, but it is also a healthy exercise for your body.
5. Downgrade to a Cheaper Car Model
Downgrading to a cheaper car model is a tough decision, especially when you are used to driving a luxury car. But when you are in a financial dilemma, pushing yourself beyond your financial abilities is not a smart move. Be kind to yourself and forget about what people will say.
Go for that sedan if you are driving an SUV. Besides, you will still move around, to your destinations, only at cheaper costs this time. Downgrading can help you save approximately $450 per month in gas and repair costs.
6. Buy an Electric Vehicle
If you plan for long-term savings, you can buy an electric vehicle. When you compare the sticker price of an electric car to that of a gas engine, you may think the opposite is true. While buying a gas engine car is cheap, maintaining it is expensive as it will require regular changes in oil, spark plugs, head gaskets, and more—not forgetting the uncertain gas prices!
With electric cars, you do not have to worry about these changes as they do not exist. The vehicles have few moving parts, generate less heat, and are more efficient. If you compare fuel and electricity consumption in both models, you will realize that EVs consume half the amount of electricity as gas for the same distance.
Another exciting thing about EVs is that they do not wear out easily, meaning the parts replacement rate is lower than that of gas engine cars.
Car expenses can push you hard to a point where selling it becomes the only viable option. Before getting to that point, you can consider cutting the costs to see if you can keep your car and continue using it for the reason that made you buy it. Slashing down these costs does not affect the efficiency of your auto but leaves you happier and with money to spare.
