Owning a car gives you the freedom to go anywhere you want at anytime you please. For many Americans, a car is the second largest purchase they’ll make behind a home.
Owning a car carries a lot of expenses, such as repairs, insurance, and fuel that can cost upwards of $8,700 a year on average.
Here are some sure-fire ways to lower your overall car expense:
Gas prices are through the roof. Rapid acceleration, speeding, and driving with a lead foot are some of the quickest ways to burn through gas. Aggressive driving can lower your fuel economy by as much as 35%, along with wearing down your engine and transmission faster.
You could save between 15 cents and 90 cents per gallon by accelerating at a slower pace and not driving over 55 MPH
Auto insurance is a mandatory requirement in almost all 50 states, and is also one of the largest expenses associated with owning a car. If you’ve been with your insurance company for more than 6 months, it’s time to get a fresh quote. Often times, insurance companies will offer large incentives to customers to switch insurance providers.
You could be saving well over $526 per year on insurance by getting a competitive quote without reducing coverage. You can even use your new quote to negotiate with your current insurance provider.
Maintenance and repairs are expected by most car owners. However, many owners are shocked to find that a basic tune up can cost as much as $950! One way to save big on repairs is through an auto warranty.
An auto warranty can make it so that you’ll never pay a dime for a repair again. With a basic transmission rebuild starting at $1,300, an auto warranty could be a smart purchase.
Refinance Your Loan
Many consumers choose to finance their car purchase through an auto loan. Thankfully, interest rates have been reduced in recent months and owners are now qualifying for some of the lowest interest rates in history.
If you haven’t already, see how much you can save by refinancing your auto loan to a lower rate.
Your car’s tires are just like your shoes, they provide you and your body with support to do the things you want to do. Oftentimes, tires are neglected by owners due to their extreme expense. If you haven’t already, check and see if your tires need to be rotated. Rotating your tires ensures that they live their maximum life and provide you with the highest fuel economy possible.
Check for wear marks and bald spots that could be costing you 20% more in fuel costs. For every single PSI your car’s tires are low on air, you lose 1 MPG in fuel economy as well.
By following the tips above, you can be well on your way to saving big on regular car expenses. If you are looking to buy a new car but are in need of financing, CrediReady can help.
Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!