Effective Ways to Save Money on Your Family Car
For most of us, a car is essential in our daily lives. From driving to work, taking kids to school, going on holidays, or just running simple errands, our family car takes us anywhere we need to go.
When it comes to saving money and reducing our expenses, many people focus on fuel consumption more than other things. This is especially true with the rising price of gas. But that isn’t the only significant cost.
If you haven’t been driving smart and maintaining your car properly, the little things you overlook may cost you even more over time. Lucky for us, there are many ways we can do to cut down auto expenses with some research and effort.
For starters, you can look for a company that provides an affordable car finance, so you can manage your budget and still have a decent vehicle you can use every day. However, your spending doesn’t stop when you drive off the dealer’s lot.
You have to consider other expenses like insurance, maintenance, and your vehicle’s depreciation, among others. So, to help you meet your financial targets and create a buffer for unexpected expenses, here are several tips you can follow.
- Don’t drive too fast. You consume more fuel when you drive too fast and get fewer miles to the gallon. So, slow down and help increase your vehicle’s fuel economy. To make things worse, you can get a speeding ticket if you get caught driving over the speed limit, which can cost you a lot more along the way.
- Go for late model cars. If you buy a new vehicle, it can depreciate by roughly 15 percent within its first year. Moreover, your car can drop in value for almost 50 percent of its value after five years. So, a better option would be to purchase an older but reliable vehicle that can stand the test of time.
- Keep your car in excellent condition. Taking good care of your vehicle can prolong its life and help it run more efficiently. Make sure you have your oil checked regularly and have your air filters replaced. If you are leasing your car, take good care of it, especially when you are planning to own it at the end of your lease.
- Avoid wasteful driving habits. If you’re parked and just waiting for someone, it’s better to turn the engine off because idling can consume anywhere between a quarter to a half gallon of gas every hour. On the other hand, when you restart your car, it will only take you only several seconds of fuel.
- Get a good deal on repairs and services. When your vehicle needs service, don’t be afraid to shop around and avoid getting pressured into buying parts the mechanic suggests. Remember, repair shops are also running a business, and they want to make money, too. So, do your homework and find a mechanic that will give you a fair deal.
- Make sure your tires are properly inflated. You can quickly improve your gas mileage by having proper pressure on your tires. Be sure to check your tire pressure at least once a month.
It will be handy to have a tire gauge as they can lose roughly two pounds of pressure each month. Another benefit of adequately inflating them is reducing the chance of blowing out your tires, which is both risky and costly.
Paying close attention to what you’re spending on your vehicle will help you save up for other essentials like food, utilities, mortgages, rent, you name it. These small savings can also benefit you in the long run, especially if you’re living on a fixed income. So drive smart, keep on top of your vehicle maintenance, and start saving now.
What about you? How do you cut down costs on your family vehicle? What do you do to save money? Have you tried any of these tips? How was your experience? Let us know by leaving a comment below.
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