Buying, owning, and maintaining a car is always going to be one of the big drains on your finances, so it's always wise to look at ways to reduce that spending. Vehicle expenses are both predictable while often taking you by surprise, but there are some quick and easy ways to make sure that you're not spending more than you can afford. If you're in the market for a new car or you're simply tired of paying out such a huge chunk of your salary every month on your current vehicle, here are the best ways to reduce your vehicle expenses today. You may be spending a lot more than you have to.
Buy Used
The first way to save money on your car is to spend less when buying it. You should never buy a brand-new car, even if you've just won the lottery. Used cars are more affordable, easier to rely on, and less likely to get immediately devalued when you first drive it. Compare the price of buying a used Hyundai Genesis in Manhattan with the cost of buying brand new. The money that you save on buying a used car can transform your bank balance.
Lower Your Insurance
Never assume that your car insurance is set and can't be changed. Monthly insurance payments are an obvious constant when it comes to vehicle costs, but you can get those monthly payments down with a little work. You could:
Take a defensive driving course that will make you a safer driver while giving insurance companies a reason to lower your insurance premiums. You can usually get a list of approved driving courses from your current car insurer.
Changing your type of coverage is a quick way to lower the cost of insurance but be careful when doing so. Go through your insurance policy carefully and highlight those coverage options that you don't need, such as roadside assistance or rental reimbursement.
There is more than one car insurance company, and they each have their pros and cons. Shopping around for the best prices can save you a lot more money on insurance than you might think.
Manage your Maintenance
Maintenance costs are a pain, but they're worth keeping up with. The more that you look after your car, the longer it will last and the more efficiently it will run. That saves you a lot of money in the long run! Regular maintenance is also a good way of reducing the potential for minor issues to become major ones that will cost you a fortune to repair. You might also consider taking some basic vehicle maintenance classes that will give you the skills needed to look after your car yourself, massively changing how much you need to spend in a garage.
Drive Carefully
If you're constantly grinding your gears or driving over the speed limit, then you're burning oil and gas much faster than your car should be. Dangerous driving puts a lot of unnecessary strain on your car and makes your car use far more gas. Of course, driving more carefully also reduces the chances of an accident, and that's only good news for your health and your wallet.
It might feel like owning a car means a constant drip of cash from your bank balance every month, but that spending can always be reduced. Learn the best ways to lower your vehicle's running costs, and your finances will show a marked sign of improvement.
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