Owning a car can be quite expensive. There is the cost of the loan, insurance, and routine maintenance. Then when you have an accident or repairs are needed a sizable bill ends up coming as a result. With the general cost of living going up all the time it is important to find ways to save money. There are actually a lot of areas where money is essentially wasted and we can cut down on expenses.
In fact, there is the possibility to save thousands of dollars per year, potentially. In this article, we will go over several ways that you can save money on your car ownership expenses.
1 – Get an extended warranty
When you buy a new car, it comes with a warranty for the first few years of ownership to cover any potential repairs. It’s important to have since there are sometimes manufacturing defects that come up that you should not be responsible for. Plus, there are times when parts wear out before their time.
At the time that you buy, you will be given the option to get an extended warranty that covers many types of repairs that could come up after the original warranty ends. If you decide to get one at your local dealer, then you are usually going to save money in the long run even though you are spending more money initially to do so.
If you buy a Volkswagen, for instance, then you should buy the Volkswagen extended warranty to cover it so you don’t end up with a surprising expense further down the line.
2 – Reduce insurance costs
You are likely spending too much on your insurance and don’t even realize it. That’s because people usually get an insurance bill and don’t really think about what it entails. They simply just pay it every month.
The reality is that there is a lot of wiggle room on those premiums. For instance, not every insurance company uses the same set of criteria on which to base the premium. This means that you can shop around and usually find a better rate. It pays to make calls instead of just getting quotes online. Many agents will make a commission by getting you to switch to their company so there is an incentive for them to find ways to really reduce the premium.
3 – Do your own repairs
When you have an expensive repair on your car, it is usually the high cost of labor and not the part that makes it so expensive. This means that there are simple repairs that you are massively overpaying for when you bring your car to the mechanic. An oil change is a perfect example.
This is a simple procedure that anybody can do themselves. Then you’re only paying for the oil, the filter, and the cost to dispose of it. It only takes a few minutes and saves you hundreds of dollars per year when you do it yourself.