A car is one of the biggest purchases you can make. Here are a few ways to get your money’s worth over time.
Your shiny new car loses 10 percent of its value in the first month after you drive it off the lot, according to Carfax. And after that, you’ll have to pay for expensive maintenance and other costs.
If you aren’t careful, you could be spending way more than you should for a simple oil change. One of the biggest ways to save money on cars is to use the resources you have first, before paying someone else to help. Yet car owners overlook the simplest tricks to save on gas money, repairs, and insurance.
Here are some easy, yet effective ways to save money on cars.
How to save money on car insurance
When it comes to car insurance, like most things, Americans are signing the dotted line without fully knowing what they’re getting into.
More than half (53 percent) say they don’t read their policy in its entirety, says Enterprise Holdings. And even though almost a third say they pay too much for car insurance, 38 percent haven’t tried to compare prices or shop around in the last three or more years.
Here are some easy ways to save on your car insurance.
1. Shop around
One reason so many Americans are overlooking car insurance savings could be that they don’t know they can shop around whenever they feel.
In a study from car insurance listing site insuranceQuotes, 46 percent of Americans said they didn’t know they could change their insurance plan at any time.
But if you shop around for different car insurance rates, you may find one that’s better than your current coverage.
2. Ask the car insurance company for discounts
Only 16 percent of Americans ask their car insurance company about common discounts on their policy, says another study from insurance quotes.
The survey focused on discounts that customers would have to report themselves. They surveyed car insurance holders on whether they’ve asked their insurance provider about marriage, occupational, low mileage, defensive driver, and good student discounts.
3. Consider insurance costs before buying the car
Most people fall in love with a car and decide to purchase it without thinking about the cost of insurance beforehand.
Make sure you love the car you’re buying – because it’ll be an investment – but also be sure to ask an insurance agent about the different rates for different models. The track record of your kind of car is just as important to insurers as the track record of the person driving.
A lot of factors are taken into account such as the likelihood of your car being stolen, how far the car’s being driven and where the car’s being kept at night. The cost of the car alone won’t raise your insurance – comparatively priced cars can vary greatly in insurance rates.
How to save money on gas
Avoid left turns, brake as little as possible, turn off the AC, and roll up your windows – these are just some ridiculously impractical tips on how to save at the pump.
Here are the real ways to save on gas…
1. Go lighter on the gas pedal
Automotive research site Edmunds.com tested a series of supposed gas-saving tips, such as driving with luggage on the roof and driving with windows down. Those ideas weren’t worth the effort, but this one was: You can save up to 35 percent on gas simply by accelerating and braking slower. And when you’re on the highway, set the cruise control to a max of 65 mph.
2. Check your tire pressure
The same study from Edmunds.com showed that tires that lost only a quarter of their pressure can cost up to 4 percent of fuel efficiency.
3. Get a gas app
There’s no shortage of apps that’ll compare prices of nearby gas stations. Some cost, some are free. GasBuddy is the latter. It shows you which gas stations are nearby and organizes them by price. How do they get this data? It’s crowdsourced among their users. How do you know the prices are accurate? Because GasBuddy holds daily drawings for $100 gas gift cards among its members.
You may want to look into a Gas Card with cashback options too.
Published by Debt.com, LLC