Saving Every Day - Car Smarts
When it comes to getting around town, get more mileage out of your money. Using public transportation will always save you money in the long run. But unless you live in a major city that offers good public transportation, owning a car is a necessity. Here are some practical ways to save on gas, maintenance and other car-related expenses.
Save Money on Gas
- Drive less and save more by planning ahead.
Make a list and plan weekly errands based on destination and timing.
Always take the shortest route and when possible, avoid driving during
rush hour.
- Carpool with coworkers who live in your
neighborhood. This not only saves gas, it reduces wear and tear on your
car.
- Try walking or bicycling for short trips.
- Go the speed limit or slower; the faster you
drive the more fuel your car requires.
- Drive with steady hands and steady feet. The
smooth operation of your car actually impacts fuel usage.
- Idling cars waste fuel. Most cars today are
fuel injected, which means it's not necessary to "warm it up" more than
sixty seconds, even in cold weather.
- Saving a few cents per gallon of gas can add up in a month's time. Always try to find the lowest price, and avoid full-service prices by opting for self-service.
Save Through Maintenance
- Make sure your tires are properly inflated at
all times and keep the wheels aligned. You'll get better gas mileage and
a longer life span out of your tires.
- Keep your car properly tuned for top fuel
efficiency and to avoid costly repairs later. Follow the maintenance
schedule in your car owner's manual. Regular oil changes help keep your
car in top shape and regular maintenance inspections can identify small
problems before they become large ones.
- Avoid surprise charges. Make sure to get any
repair estimate for your car in writing before the work begins.
- Learn basic car maintenance skills at a community college or find someone to teach you.
Save on Car Loans and Insurance
Car Loans
- New cars depreciate fast. As soon as you drive
off the lot, your car is worth several hundred dollars less than what
you just paid for it. If you choose to buy a new car, consider a
dealer's "demo" model for real savings on a new vehicle.
- Make the largest down payment you can afford
without sacrificing your financial well-being.
- The more you pay up front, the less you will
have to borrow and repay with interest over time.
- Make sure you can comfortably afford the entire car payment every month and be sure to understand the terms, the length, and all associated costs of the loan before signing any agreements.
Car Insurance
- Shop around. It's easy to get competitive
quotes via the Internet. Take advantage of the competition for your
business to find the best rates.
- If you own a home, ask for discounts on
consolidating auto and homeowner insurance with the same company.
- If you have less than a perfect driving record,
consider taking a driver safety course. Upon completion of the course,
points may be removed from your record, which can result in lower
insurance premiums.
- Be sure to take advantage of "safe driver" discounts if your insurance company offers them. And remember, having a car equipped with airbags may reduce your premium.
Reducing your transportation costs will pay off down the road. Cutting costs now will help you save more money later - and that's one path worth traveling.
