car above stacks of coins

Save on the Cars You Own With These 7 Simple Tips

Per vehicle registration statistics, just about everybody in the USA owns a car. That number probably comes as no surprise to you given the amount of congestion you likely come up against whenever you take your 4-wheeled friend out on the road.

Given the number of people that own cars, it stands to reason that, if you’re looking to save money, assessing your car purchase habits and post-purchase expenses could be something worth paying attention to.

Are you wondering how you can save on cars? Wonder no more!

Below, our team shares 7 car tips that can bolster your savings account.

1. Buy Used

It’s tempting to walk into a new car lot and pick up the vehicle of your dreams. There’s just something about a new car that attracts us consumers like moths to flames.

Here’s the problem with that though… Used cars retain very little of their initial value, especially in the short-term.

As a matter of fact, the moment you drive your new car off of a lot, its value drops substantially.

To preserve more upside on your car, opt for a lightly used vehicle. You’ll get a lot of the same new car awesomeness while also enjoying a value that only used cars can bring to the table.

2. Go For Electric

This save-on-cars tip might seem counterproductive since many electric cars (or hybrids) cost a lot more than their pure gas counterparts. Here’s the deal though… The amount of money you score on gas savings when you buy electric can more than make up for your car’s price difference and then some.

It can be challenging to own an electric vehicle if you live in an apartment instead of a house since charging can get tricky. Even for non-home owner’s though, using public charging stations is an option that might even allow you to fill up your car for free!

Related Reading:  Check engine light is on

3. Negotiate

When you buy cars new or used, the price you’re offered is almost never the price that you have to pay. You can try to bring your price down by hundreds of dollars just by asking.

We know that negotiating often doesn’t come easy to people. Still, by doing a little bit of prep work and putting on your bravest face, you can save big time on your car’s purchase price if you’re willing to step outside of your comfort zone.

Negotiating a car price is easier to do on used cars than on new ones. Also, knowing how much the make and model of the car you’re buying typically retails for can give you a lot of ammunition as you try to work your car’s price down.

4. Opt For Diesel

Diesel consumer cars aren’t that popular in the United States.  They’re huge in Europe though and the reason why is that diesel engines cost a lot less to run and maintain.

Don’t believe us? Take a look at your local diesel fuel prices.

You’ll almost always see them trending lower than standard gas prices.

In the same way that you can save on diesel technology by purchasing a used diesel generator, you can save by incorporating that technology into your vehicle!

5. Learn Basic Car Maintenance

Oil changes, tire changes, air filter swaps… These are all simple car maintenance tasks that your local mechanic will charge you hundreds to tackle.

Don’t pay your local mechanic hundreds of dollars. Save on cars that you own by opting to handle standard maintenance on your own.

By watching a handful of YouTube videos and earmarking out a Saturday afternoon, you can do just about anything!

6. Shop Around for Insurance

Insurance can be one of the primary costs associated with car ownership. Depending on who you do business with, the prices that you’re quoted can vary wildly.

Related Reading:  Common auto repair scams and rip offs

To get the best deals on car insurance, the best thing to do is to get quotes from as many insurance providers as possible.

It can be tempting to just do business with the car insurance company that runs the most advertisements on television. Fight that urge.

Oftentimes, it’s smaller insurance companies that don’t spend on advertising who can afford to offer you the best deal possible.

Just be aware that some insurance companies offer cut-rate products. To protect yourself, make sure that you’ve opted into as robust of an insurance package as you can afford.

7. Drive Safely

Nothing is more costly when driving then crashing your car. While your insurance may cover the cost of a totaled vehicle, you may find that gaps in your coverage could end up causing you major financial hardship.

To keep your car expenses from spiraling out of control, drive slow. Be considerate of other drivers. Always pay attention to your surroundings.

By being a model driver, you’ll enable yourself to build more wealth and better protect you and your passenger’s well-being.

Wrapping Up How You Can Save on Cars That You Own

Whether you try to save on cars via driving a hard bargain at a dealership or by maintaining your vehicle on your own, there is a lot of money to be made by simply making smart decisions.

We hope that our tips above have inspired you to see what savings you can pull out of the vehicle that you own or will soon purchase!

Looking for more tips on all things cars? Our team has you covered!

Dive deeper into our content pool today.