Your vehicle is usually your second-largest expense, after your home. Apart from payments and interest, even if you own it outright your car is also eating up fuel, insurance, and maintenance costs from your monthly budget. It costs the average person roughly $725 per month to keep their vehicle going. While most people find having their own vehicle indispensable, there are ways to reduce how much cash you’re pouring into it.
Avoid Aggressive Driving
Sudden acceleration, rapid driving, and hard turns or sudden braking waste gas. They also take a greater toll on your car in terms of wear and tear. Brake and suspension components will wear out faster when they’re constantly stressed. The higher the speed at which you do these things, such as highway vs city driving, the more it increases your fuel costs and the likelihood of vehicle maintenance issues.
Don’t Be In a Rush
Remember the campaign to “drive 55” that started during the days of soaring oil prices? Slower speeds improve fuel economy due to increased air resistance at higher speeds, which forces the engine to work harder. This is still true even in today’s aerodynamic vehicle designs. No design will help if you’re driving with the windows down. Save on gas money by driving at reasonable speeds with the windows up.
Save By Phone
There are a number of mobile apps made to save drivers money. Some apps will point you to the cheapest gas station prices in your area, saving you several cents per gallon. GPS apps can save you even more by helping you find the shortest route while avoiding traffic jams and road construction crews.
Use Plastic
You can also save money by getting fuel credit cards that offer discounts or cash back bonuses not just on fuel, but anything you buy at a convenience store. Try to find cards that don’t require a sign-up fee that will minimize your saving advantages.
Shop Around for Insurance
Only about 40 percent of people shop around for insurance on a regular basis. Don’t assume that the giant insurers offer the cheapest rates. Hunting regularly for cheap car insurance could save you hundreds of dollars per year without affecting your coverage.
Reduce Coverage
If your car is paid for, you don’t necessarily need expensive collision coverage. It depends on what your car’s value is and what kind of deductible you’ll be paying. If it’s more than the value of your car, you’re wasting money. Reduce coverage as your car ages and it’s value drops.
Don’t Idle While You Wait
If you’re going to be parked for more than a few minutes, don’t leave the engine running. Restarting the car will not take more fuel than you’ll lose by idling too long. Even if it’s hot or cold outside, the level of comfort in your car will not change appreciably if you shut the car off for several minutes, so long as you don’t open the windows more than a crack.
Do Small Repairs Yourself
Be wary of anything that might void your warranty, but you’ll find that many smaller repairs are easy to do. Consult your owners manual for the maintenance schedule, proper fluids, etc. that are recommended for your vehicle. If you’re willing to invest in a set of tools, you should be able to change the oil, flush the radiator, change filters, replace spark plugs, and much more. If you’re ambitious, buy a repair manual to tackle troubleshooting and slightly more complex fixes. Even if you have to spend money on more tools, you may save hundreds over shops that charge repair rates of up to $200 an hour.
Start thinking of your car as a critical part of your cash flow. The value of a used car never goes up, but you can get your money’s worth by finding ways to lower costs.
