Having the freedom of the road is great, but the cost of car ownership? That’s not so enjoyable. Unless you’re lucky enough to have a job that offers a car allowance, you’ll likely be spending a significant chunk of your income on vehicle-related expenses. In fact, one report found a sizable portion of US drivers are spending 20% of their income just to have the privilege of driving around.
Yet, while it’s unlikely that you can eliminate the costs of car ownership completely, there are things you can do that can help to keep costs to a minimum. We’ll run through some handy strategies that should help knock some of your car-related expenses down.
Buy Smart
Planning on buying a replacement car soon? First of all, make sure you buy used. For anyone who’s looking to keep costs of car ownership down, it makes zero sense to pay the premium cost to get your hands on a brand-new vehicle. They’re not worth it.
And it’s not just buying a used vehicle that counts, but when you buy it. You can save thousands just by following two pieces of advice:
- Take a proactive approach and buy the car before you need it.
- Buy the car during the slow season, which is usually around winter and the Holidays.
You can also maximize how much cash you get for the vehicle you’re selling by selling it at the right time, which is around three years after purchase.
Offset Your Expenses
You’ll have a long list of car ownership related expenses to pay for, so you absolutely shouldn’t be paying for any expenses that are not your responsibility. Driving a colleague to and from work every day? Ask them to contribute to the cost of gas and parking. Been involved in a minor accident? Don’t pay for the repairs and/or hospital visits yourself, get in touch with The Law Champ, a personal injury lawyer, and fight for compensation. You may even be able to rent out your car to others when you’re not using it, which can help pay for ongoing expenses.
Proactive Maintenance
Even the most reliable of vehicles face issues from time to time. You can save yourself a sizable sum of cash by recognizing this ahead of time, and investing in your vehicle’s proactive maintenance. You’ll have to spend a little bit of money to ensure that all the parts are in full working condition, but it’ll be a lot less than what you’d have to spend if you have to splash the cash for an emergency repair.
Drive Less
Driving is convenient and fun, but remember that you’ll pay every time you’re behind the wheel. While most car owners instinctively get behind the wheel when they need to be somewhere, it can be a smart move to periodically leave the car at home and take alternative transport instead. Traveling by bike or public transport can be frustrating if you have to do it every single day, but becomes much more manageable — even fun — when you do it by choice as a money-saving exercise.
Final Thoughts on Lowering Car Ownership
To wrap things up, managing the costs associated with car ownership doesn’t have to feel overwhelming. By embracing these four strategies—creating a realistic budget, selecting the right vehicle, staying on top of maintenance, and seeking out better insurance rates—you can drive down your expenses and enjoy the open road without breaking the bank. Each of these approaches empowers you to make informed decisions that align with your financial goals. So, why wait? Start implementing these tips now and transform your driving experience into one that’s both enjoyable and economical!
