You Can Lower the Cost of Owning a Car

Posted by at 9 October 2019, at 15 : 55 PM

You Can Lower the Cost of Owning a Car

Being a car owner can take a huge bite out of your budget, but if you’re anything like the average American, you love your car and you think it’s a price worth paying. That means getting rid of your vehicle is a definite NO. So, what can you do to lower the cost of owning and operating your vehicle? Quite a lot actually…

Buy a Used Vehicle

One of the most effective ways of cutting the cost of car ownership has to be buying used right off the bat. If you look for used SUVs for sale under $30,000, you will see that there are hundreds of suitable vehicles at a fraction of the cost you’d pay new. That means you can save thousands of dollars at the time of purchase, but it also means that you won’t be hit by rapid depreciation. New cars lose around 25 percent of their value the second they leave the lot, which when you think about it is a little like throwing money down the drain.

Choose a Car with Good Fuel Economy

If you want to spend less money on gas, choosing a car that offers good fuel economy is the best place to start. You can save as much as 30 percent just by choosing a different make ort model of the same car if you’re smart and it really does make sense to do so.

Drive Slower

This certainly won’t appeal to everyone, but there is no denying that if you want to save fuel, driving slower can help. For every 5 miles per hour above the speed limit that you drive, you will spend around 18 cents more on fuel, and although that might not sound like a great deal, think about how many miles you drive each year and do the math!

You Can Lower the Cost of Owning a Car

Take Advantage of Insurance Discounts

Insurance presents a significant cost to the driver, but there are things you can do to lower your premiums. Many insurance companies, for example, will give discounts to drivers who fit anti-theft devices, have a history of being a good driver or those who have undergone safety training amongst other things. If you can take any of these measures, it would certainly pay off.

Take Maintenance Seriously

If you want to avoid spending lots of money on car repairs, you need to read that car manual and take its advice. Both over and under maintaining your vehicle can cause problems, so if you play it according to the car’s manual, you should get it right, and although you may have to pay a little more on a regular basis, it will be nothing to the amounts you would end up paying when something goes wrong.

Get a Bank Loan

If you require financing to buy your car, you may find that you can get a cheaper deal, and pay less interest, by applying for a loan from the bank rather than a car company. They tend to offer much more competitive rates.

With a little thought and effort, you can enjoy your car without breaking the bank.

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