5 Ways to Save Money on Car Expenses

Oil Change

Owning a car comes with the responsibility of taking good care of it, which means added expenditures. As with all aspects of your personal finance, car expenses do not have to be draining when you can manage them better. Here are five ways to save money on car expenses.

1. Shop around for cheap insurance

A major expense of owning a car is insurance, as this is a mandatory legal requirement. Regardless of the car you own, it counts to wisely shop for an affordable insurance policy that best suits your needs. The proper way to go about this is to receive multiple quotes and terms of policies from different companies before making your choice. Sites like https://www.cheapestcarinsuranceflorida.com/ make this easier as they provide you with a list of the most affordable car insurance companies.

2. Reconsider that extended car warranty

An extended car warranty is a gamble that might or might not pay off. As such, you need to carefully consider whether you can keep paying for those premiums after the manufacturer’s warranty has expired. If you are short on cash, it is highly recommended that you skip extended warranties as they will drain your finances while offering little long-term value.

3. Do not skip your maintenance schedule

Whether you bought a used vehicle or a new one, the smartest choice you can ever make as a car owner is to keep up with your maintenance schedule. Prevention is always better than costly repairs that would have been avoided by simple tune-ups and simple services such as:

  • Air filter changes
  • Changing the oil and ensuring all other fluids such as transmission fluid, coolant, and power steering fluids are at appropriate levels.
  • Brake pad and shocks replacement
  • Examining your car belts and hoses

4. Rotate your tires and keep them properly inflated

One of the oldest tricks in the books for proper car maintenance is regularly rotating your tires and keeping them well balanced. This will help your car drive smoothly and reduce your expenses as you will not have to replace your tires often. Proper tire inflation will also save you lots of costs as underinflated tires will drive up your gas mileage and cause your tires to wear out quickly.

Since your tires play a critical role in the proper running of your vehicle, make it a habit to check your tire pressure every morning. Strive to keep your tires as new as possible as this will improve your traction, reducing the risks of car accidents.

5. Drive wisely

Finally, you must never undermine how your driving habits affect your car expenses. Avoid aggressive driving, overspeeding, breaking hard, and tailgating, as these habits will only cause your tires and breaks to wear out while increasing the risks of accidents. Your driving record also determines the insurance premiums you pay, and as a high-risk driver, you will pay much more than a car owner with a clean record.

Endnote

Car ownership does not have to translate to overspending each month when you could save a lot by using these tips to reduce your expenses.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.