The cost of living has risen so dramatically that it is very important to try to find areas in your life where you can save some money. One very obvious area is the cost of owning a car. It is very expensive these days to own a car. Even a used car that doesn’t require making car payments is going to cost you money.
Luckily, there are plenty of ways to save money when owning a car. Many people are wasting money by not thinking too much about where it goes when it comes to their car. In this article, we will go over several ways that you can reduce your car ownership costs.
1 – Opt For The Extended Warranty
You can extend your warranty at pretty much any point of your car ownership. Usually, you will be given the option to add something like Protect My Car coverage when you finance your new car. You can certainly add that to your coverage and you definitely should.
Even when you have a car without a current warranty, you can usually find some type of coverage that will protect you against an unexpected repair. Since the cost of bringing your car to a mechanic can be so expensive, it can often pay for itself in savings. Although you are making more payments in a year, when you have one breakdown, the entire policy is generally paid for by what it saved you.
There are different types of coverage so make sure to choose the one that best fits your needs and the type of car that you have.
2 – Save On Insurance
Insurance is a necessity in every state to have your car on the road. Just because you have to have it doesn’t mean that you have to pay a lot for it. There are usually a lot of ways to bring the cost down over the course of the year.
The first and best way to reduce the cost is to shop around and look for a new insurance provider. Since they are usually eager to poach a customer from the competition, there are usually incentives to switch your coverage to them. A few calls and you can end up with a quote that is hundreds less than what you are paying now.
You can also look into what your coverage is as there may be parts that are unnecessary. Removing those from your coverage will also save you a lot in the long run.
3 – Do Your Own Repairs
There are many small repairs and routine maintenance that can be done by the average car owner. You don’t even have to be particularly handy to be able to pull these repairs off. For instance, just about anybody who doesn’t have any mobility issues should be able to do an oil change. This can save you hundreds per year given the high cost of labor at mechanics these days.