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5 Ways to Save Money on Cars

Updated: Jan 9, 2022

Keep up with the Maintenance

It’s important that you stay on top of your car’s maintenance so that your vehicle will run well for a long time. If you let the maintenance lapse, not only will you hurt the life of your vehicle, you run the risk of it breaking down on you on the side of the road, necessitating a tow truck which adds cost and inconvenience. When you are getting your oil changed, make sure to have your car looked over in general i.e. have the tires, suspension, hoses etc, checked. You may not be able to fix all the issues your mechanic finds right then, but this will allow you to plan ahead so that you are not caught by surprise.

Shop Around for a Good Mechanic

Do your research online and call a few mechanics to look for the best prices.Friends could be a good resource as well. Be careful though. Just because the cost is less does not mean you should use the mechanic. What’s best for you may not always be the best so keep that in mind. You’ll have to try a few mechanics to establish this. Think value, not just cheap. A good mechanic will save you money in the long run as your car will be better taken care of.

Combine Your Trips When Running Errands

The wear on your car’s engine is more severe when it is cold. In order to heat up quickly, your car burns extra gas when cold in order to heat up to operating temperature quickly. Note that operating temperature often approaches 200 degrees, so even in the summertime, your engine is cold initially. When you combine your trips you spend less time with a cold engine which saves wear and fuel.

Minimize Stop-and-Go Driving

In the city, it’s unavoidable to completely stay out of stop and go driving, but when possible avoid bumper to bumper traffic. Stop-and-go driving causes more fuel consumption and wear on your brakes and engine. Try choosing the times that allow you to dodge traffic or pursue an alternative route.

Plan Ahead on your Next Car Purchase

If you don’t plan ahead when you buy a vehicle, you are vulnerable to having to buy a new vehicle while in a bind. When you have to have a car now, that puts you in a vulnerable position. You have no leverage when you are in that position and you have to accept whatever deal there is in front of you. Plan ahead to buy a car by budgeting and saving a little on a monthly basis well in advance. When you are prepared to buy a car, you won’t have to accept any and everything just to get a car.

Be advised that car payments can cost you millions if you are the type that keeps them all the time. Read more on that here. Aim to pay for your vehicles in cash with no more than half your income tied up in autos as you pursue financial freedom. For example, if you make $70,000, avoid having more than $35,000 tied up in cars and other motorized vehicles as you will have half of your income working against you since these possessions go down in value.

For more information on ways to save money and build wealth, don’t hesitate to contact us.

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