Owning a car is not cheap these days. It seems like the costs just keep going up all the time. Insurance rates are climbing and the cost of gas is along with it. It seems like the cost just to commute to work is costing you a paycheck.
Unfortunately, it is always going to be a major expense to own a car. Usually it is right behind home ownership costs. Yet, there are ways to bring those costs down. With a little creative thinking you can see some significant savings.
In this article, we will go over several ways that you can reduce those ownership costs and make driving more affordable.
1 – Get an extended warranty
A warranty is a great thing to have when you buy a new car. Luckily, it comes with the cost of the car so if anything goes wrong in that time frame then you are likely covered and won’t have to pay out of pocket for certain repairs.
The downside is that it covers those years of a new car’s life when there are not likely to be any problems. Conveniently, the warranty finishes right about when the problems start. Buying an extended warranty will give you some years of peace of mind knowing that an unexpected repair isn’t going to wipe you out.
There are a lot of different ones out there so you do have to shop around to find the one that is the right price for the right coverage. Check out some Carchex reviews as that is a popular one and may suit your needs.
Make sure to understand what is covered and what isn’t so that you don’t have unrealistic expectations.
2 – Lower your insurance costs
Insurance just seems like it is whatever price somebody says it is and that is just what you have to pay. The reality is there is a lot of wiggle room in how much you pay for insurance.
For starters, you can shop around and get quotes from a lot of different insurance companies that operate in your area. Many agencies will love to give a discount to get you to switch so there are a lot of incentives. Not to mention, you can also go back to your insurance company with quotes and ask them to match them or beat them.
Ask if your company has a telematics device that can track your driving. If you are a good driver then your insurance company will reward you with a lower premium.
3 – DIY repairs
There are many minor repairs that you can do yourself and save money. Doing your own oil changes is an easy way to save money. And with some patience and the help of a few Youtube videos you can even change your brakes yourself and save hundreds.
Instead of running to the mechanic at the first sign of trouble, see if there is a way that you can do it yourself.