If you are a car owner, you probably already know how much it costs you every month.
There’s taxes, maintenance, licensing, fuel, insurance… the list goes on and on. And that’s not even taking the cost of buying a car or taking out an auto loan into account.
Fortunately, there are ways to reduce the cost of car ownership – you just need to follow a few savvy, money-saving tips.
1. Lower Your Auto Insurance Premiums
Although the cost of auto insurance contributes to the total cost of car ownership every month, there are a few ways you can lower your monthly premiums.
Shop Around
By shopping around and comparing quotes from a few Car Insurance Specialists, you’ll probably be able to find a similar insurance plan to the one you’re already paying for – but at a fraction of the cost.
Switching over to another insurance provider is also a great way to take advantage of the amazing deals that insurance companies offer. These discounts are usually a bid to take business away from their competitors.
Choose Usage-Based Insurance
Many insurance providers offer rates based on your usage. These auto insurance plans monitor how many miles you travel per month and your driving habits. The data is then used to calculate your premiums, which are discounted if you drive safely and infrequently.
Take Defensive Driving Classes
Completing a defensive driving course can reduce your monthly insurance premiums. Taking a defensive driving course will reduce your risk profile because it reduces the likelihood of becoming involved in an accident.
It’s a good idea to contact your current insurance provider to see if they offer a discount on your premiums if you complete a defensive driving course – if they do, you can sign up for an approved class that will pay itself off in the long run.
2. Perform Regular Maintenance
When you take good care of your car, you reduce the likelihood of a costly breakdown or mechanical failure. Maintaining your vehicle and performing regular fluid, tire, oil, and windscreen wiper changes will keep your car in better condition for longer. Most car manufacturers recommend services and tune-ups every 30,000 miles – if you’re unsure, check your owner’s manual.
Although paying for maintenance and services out-of-pocket can seem costly, it will save you a lot of money in the long run.
3. Keep Your Car For Longer
When you drive your new car off the lot, it drastically depreciates in value.
As you continue to drive your car, its value still depreciates – but not nearly as much as when you first purchased it. So, it makes sense that trading your vehicle in often will result in a tighter budget and higher pay-in than if you had kept your car for a few years.
4. Reduce Bad Driving Habits
Rapid deceleration and hard pressure on the brakes are extremely bad for fuel efficiency, and they will wear down your car’s mechanical parts faster.
Improving your driving habits won’t just save you money on fuel and repairs; it will save you money on fines and costly accidents as well.
