You automobile is one of the most expensive items in your budget. There are many ways to save on monthly car expenses, sometimes even up to hundreds of dollars a month. Let’s find out how.
Big Ticket Items
Look for the big savings opportunities first. For example, if you are carrying an auto loan with high interest, you might be able to save thousands of dollars a year from refinancing. When you switch your old car loan for a new one with lower interest, your monthly payment goes down. You can get a free online refinance quote from CARCHEX today.
Car insurance can also be costly. You might be able to significantly reduce car insurance costs by:
- Increasing your deductible
- Adding safety and security devices to your car (anti-theft devices, for example)
- Taking a defensive driving course or driving lessons for teen drivers
Regular maintenance such as oil and filter changes keep your engine running more efficiently. A dirty air or fuel filter can cost you up to 10% more at the gas station. Also make sure your gas cap fits well and is free of cracks to avoid fuel evaporation. Keeping your tires properly inflated will reduce friction and drag thus saving fuel. Finally, a close eye on anti-freeze/coolant levels can avoid expensive engine freezing or overheating.
How you drive makes a difference in your monthly fuel expenditure. You will spend less if you drive slower since car engines burn less fuel at slower speeds. Try to always adhere to the posted speed limit.
In general, accelerate and slow down gradually. Slower speeds put less wear on the brake pads so they last longer. Also, coasting downhill saves on gas. You might get there a little later, but you will have more dollars in your pocket at the end of the trip.
Lose Weight And Cut Wind Resistance
Extra weight from sports equipment or office files makes your car’s engine work harder. Smaller engines are especially vulnerable to excess baggage. So unload the golf clubs as soon as you get home from the course. Finally, take down the ski or bike rack when not in use to cut down on fuel wasting wind resistance.
Here are some other ways to cut down on monthly car costs:
- Do not let your engine idle for more than 30 seconds. Save fuel and cut the engine.
- Take public transit
- Walk or ride a bike for short distance trips
Reducing car costs is a place where you can save a lot of money. If you follow the tips listed above you are sure to see some extra cash at the end of the month. Why not start now by looking into auto loan refinancing? CARCHEX has nearly contact with nearly 100 lenders that compete to give you the least expensive deal. Get a fast, free online auto loan refinance quote from CARCHEX today.
Published in CARCHEX Auto Finance Resources by CARCHEX on November 12, 2014