Less Than The Bus
Your car is likely to be the second most expensive asset you will ever own, after your home. Not only does it have the biggest price tag, but it also has some of the biggest long-running costs that consistently bite a big chunk out of your budget.
Become a frugal driver
Most of the initial impact will be seen more closely examining how you drive. If you want to become frugal, you have to identify the biggest recurring costs. For drivers, those tend to be fuel and repair costs. For fuel, learning to drive more efficiently, such as walking when it’s possible, learning to accelerate and decelerate more gently, and taking preventative care of the engine play the largest role. In general, regular maintenance and taking the car in for checkups early can prevent some of the bigger repair expenses that can rear their ugly head, as well. Being able to replace things like brake pads and spark plugs can prevent you from being charged for it at the garage, too.
Getting a car that offers more for less
Of course, how much you have to pay off to own your car can make a huge dent in your car costs, as well. Most important of all is knowing that buying new is rarely the most economical decision. A used Range Rover from a reputable dealer costs a lot less than a brand-new one and is much, much less likely to come with the lurking issues that can affect pre-owned cars on the private market. Of course, since most of us take out a loan to buy a car, looking at your credit and how you repair can ensure you get better terms on that loan and pay less in interest, too.
Navigating the insurance minefield
Besides paying off your car loan, your insurance is likely to be the second biggest regular cost of your car. A lot of people aren’t aware they have wiggle room to change their insurance when their policy is due for renewal. Take that time to find the best deal for you and look at ways you can make yourself a lower insurance risk. Secure your car, choose car models from low insurance groups, and consider adding a second, low-risk driver. Besides comparing the market for different deals, the lower your risk, the less that insurance companies are going to charge you, since you’re less likely to make a claim on it.
