Buying a car is a fun experience. However, once you have it, you then have to consider all the expenses that go into maintaining it.
You will need to spend money every month on fuel, car insurance and various fees.
Additionally, parts will break down over time you will need to replace.
Replacing basic parts can cost quite a bit. For instance, new tires can cost upwards of $300.
Therefore, you need to budget accordingly, so you do not have to be without your car for an extended period of time.
1. Buy Wisely
There are many factors to consider when you buy a car. Many people only think about the value of the car, but you also want to think about how much it will cost over the years to maintain this vehicle. For example, one car you look at may come with much better mileage. Even if it is a bit more expensive, it may be more affordable in the long run if you can cut fuel costs. You should also check with insurance providers to see how much it will cost to insure each vehicle you want.
2. Use Fuel Efficiently
Gas prices have increased substantially over the last few years, and if you are not careful, then you can spend more than you have to. As you drive, you should take your foot off the accelerator once in a way to make your vehicle more fuel efficient. It is also a good idea to price shop for gas. There are plenty of websites online, such as FuelGaugeReport.com, to find the cheapest gas in your city. Another great option if you are a Costco member is to buy gas there because it tends to be about 10 cents cheaper than average.
3. Buy Aftermarket Parts
Even if you purchase a brand new car, you will still need to replace and repair parts once in a while. In the event you need to replace something, you should look into aftermarket components. These are often just as good as new parts, but they are significantly cheaper. For basic maintenance, such as oil changes, you should shop around and look into more independent shops. They usually offer cheaper services than nationally-known shops, and sometimes you can find great discounts or specials on work you need done frequently.
4. Refinance a Car Loan
Many people need loans to buy a new. What many of those individuals fail to realize is that they can refinance that car loan over time. This is a great option if your credit score was not great when you bought the car, but it has substantially improved over time. Getting a better loan deal can help you lower your payments every month.
5. Look Into Car Insurance Discounts
You need to have auto insurance coverage to drive legally. If you believe you are paying too much, then you should see if your insurance provider offers any discounts. Many companies offer safe driver discounts. You can save money if you bundle several different insurance coverages together with the same organization. Many places will cut your monthly bill if you install anti-lock brakes or an anti-theft security system. You should also look into taking a defensive driver course at your local DMV because many companies will cut your bill if you prove you passed the class.
Many people end up spending hundreds of dollars every month just to be able to drive their cars around. There is a very high likelihood you are spending more than you have to, so look into discounts once every few months. Saving even a little bit each month adds up over the years.