How to save money as a driver and cut down your car expenses
Every driver knows all too well how expensive it can be to own a vehicle. It’s not just the initial price of the car. You’ve got a long list of contingency costs too.
From the insurance and the warranty to the maintenance costs to regular fuel refills, it feels like you’re constantly spending money just to keep your car running. The expenses of a car can stack up quickly.
Although many of the costs of a car are unavoidable, there are things you can do to cut down car expenses as much as possible and save money when driving. Here are some top tips to help you save money as a driver.
Get an extended warranty
Your car warranty covers you for some of your vehicle’s repairs and replacements, reducing the costs that you have to pay.
When you buy a used car, it should already have a 3, 6, or 12-month warranty and you may have the option to extend this when it runs out. Whether you’re going for Endurance vs. CARCHEX, there are some great extended warranties available.
Although you are not legally required to extend your car warranty past its expiry date, it’s worth having one. It could significantly reduce your maintenance and repair costs in the future.
You can get an extended warranty by speaking to the car seller or dealership. Make sure you check what kind of coverage you get with your particular warranty, as this can vary.
Clean out the clutter
When you’re busy, it’s easy to let the clutter pile up in your car. But this clutter adds excess weight to your vehicle, which causes it to consume more fuel as you drive. The heavier your car, the more fuel your car needs, and the more money you spend filling up your tank.
Turn the air-con off
It’s tempting to leave the air con on blast when the weather is hot, but this can’t decrease your car’s fuel economy. The air-con system takes extra energy to run which drains your car’s battery and burns through your fuel quickly.
To save on your fuel costs and extend your car battery’s lifespan, turn down the air con and roll down your windows instead. Although, it’s important to note that when you’re driving at higher speeds, the air-con system uses up minimal energy so the difference in your fuel consumption is negligible.
Shop around for the cheapest insurance
Many people choose to stick with the same car insurance provider when their policy is due for a renewal, either because they’re too busy or too lazy to change. But your current insurance provider might not be the cheapest option.
It’s always worth taking a look at quotes from other companies because they can vary significantly. When your policy is up for renewal, shop around online and compare the quotes from multiple insurance companies. Doing your research could save you a lot of money.
You should always check for cashback deals when searching for car insurance as you could get quite a chunk of your payment back. Read my blog post on how to save money on car insurance and get cashback too for more tips. It’s a win-win!
Buy a cheaper car
There are multiple ways to cut your car expenses and reduce driving costs. One way is to sell your car and buy a cheaper one. This helps you save money on the down payment, monthly payments, insurance, and maintenance. Cheaper cars with smaller engine sizes are cheaper to run, cheaper to tax and cheaper to insure, so you save all around.
Find a job closer to home
Another way to cut car expenses if the commute cost is stacking up includes looking for a job closer to home so that you will not have to drive as much. This may be difficult depending on what type of industry you work in, but even if it means reducing the number of hours spent at the office this should still help lower your transportation costs. If you can't afford the car costs for commuting and there's no other way to get to work, then you need to cut down what it costs you to get to work everyday. Perhaps you can car share? Or perhaps you can work from home a few days a week instead of being in the office full-time?
9 more tips to be proactive as a money-saving driver and start cutting your car expenses today!
There are so many ways to save money on your car expenses. Here are loads more ideas:
1. Drive a fuel-efficient car
2. Buy a used car from a private party
3. Park your car for free at work
4. Use public transportation
5. Combine errands to reduce mileage
6. Find the cheapest fuel prices in your area
7. Carpool and split costs with colleagues/friends
8. Travel in off-peak hours to avoid sitting in traffic
9. Use the bus when possible, walk or cycle
Start saving money on car expenses now
The rising costs of car ownership are something that many drivers are feeling. Even in the last few months, the cost of fuel has skyrocketed. And when it comes to the question of how to cut your car expenses and reduce driving costs, there are a lot of ways to do this. Use the above tips to start saving on your driving now.