5 Ways to Reduce Auto Expenses

It is getting more expensive every day to own an automobile.  Sticker prices are sky-high, as are services, parts, and now gas.  And don’t forget auto insurance!  Public transportation is an option, but not everyone has access to it.  So, the question is, where can you save money when it comes to auto expenses?  We’ve found 5 ways to reduce these expenses that might be helpful to you.  

1: Lower Your Auto Insurance Premium

Surprisingly, lowering your auto insurance can be an easy and fast way to cut back on your monthly auto expenses.  First, compare your rates with other providers.  Not all insurers are the same, so it pays to do your homework.  Ask your friends what they pay; that’s a good start to see if you’re in the ballpark.  There are numerous popular websites that allow you to compare your insurance rates with others and get quotes.  Ask your current provider how to lower your rates; you may be able to reduce coverages and still be safe, or you may be able to take a defensive driving class to reduce your rates.  If you’re a homeowner, you should be able to save on your auto and home insurance by “bundling” policies issued by the same carrier (if you’re not already).  

2: Refinance Your Auto Loan 

Believe it or not, you could be saving money every month on your car loan.  When it comes to loans there is no harm in shopping around for the best deal with banks (big and small) or local credit unions.  Refinancing your loan with a lower interest rate means less money out of your pocket every month.   

3: Keep up with Routine Maintenance

Major car repairs can be expensive.  To keep repair bills to a minimum, stay up to date with your vehicle’s required maintenance.  This means getting your brake pads, belts, and fluids replaced as often as required and scheduling regular oil changes and tire rotations when needed.  Your owner’s manual provides you with a maintenance schedule, so dogear the pages!  Or, your friendly mechanic will tell you what’s coming up next, based on your car’s mileage.  This will not only help you catch any maintenance issues early but also prolong the life of your car.   

4: Use Your Car Efficiently 

One of the easiest ways to save money is by using your car efficiently.  This means instead of jumping in your car every time you want to run an errand try planning ahead and running all of your errands together.  This not only can help you use less gas but can help increase the life of your car.  In addition to planning out your errands consider going to stores that are located near each other or near your home. This will reduce travel time and cut back on gas usage.  

5: Consider Carpooling  

A solution to saving some money could be to consider carpooling with friends, family, or coworkers.  Carpooling will help to limit the time you spend driving and thus the amount of money you spend on gas.  In addition to this it will put less wear and tear on your vehicle which could lead to fewer repairs in the future.  

It will be tough to save money this summer, especially with kids going in different directions, going back to the office, and vacations.  At the end of the day, the less you drive the more money you will save.