4 Ways to Save Money on Your Car

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There is no doubt about it: Cars are both expensive when you purchase them and when you own them. However, owning a car shouldn’t cost you an arm and a leg. There are a variety of things you can do to save money, but how do you know which of those actually work? The following list details the top four ways to save money on your car.

Buy Used

We’re always told that a car loses about 9 percent of its value the minute you drive it off the dealer’s lot. Unfortunately, this is one of those things that is true. So, why would you want to purchase a car at the top price only to have it lose its value so quickly? One of the best recommendations when seeking to purchase a car is to purchase a used one. That lower value that we spoke about can come in handy if you’re willing to buy pre-owned. You can buy a barely used model from last year and save a fortune. Want to pay even less? Consider purchasing an even older model because three to four years old can really take your dollar far.

Practice Regular Maintenance

Your car is one of the most expensive things you’ll ever buy, right along with your home. Therefore, it is necessary to take care of it as much as you can. Sure, performing maintenance on a vehicle can be pricey, but it is considerably cheaper than waiting for a part on your car to break. Car parts, especially foreign models, can run into the thousands, and that’s before the cost of labor.

Shop Around for Car Insurance

One of the first things you must do before even searching for a car is to obtain car insurance. Often people will simply say that they’ve tried shopping around before and nobody has ever given them a good price. The great thing about car insurance is that rates change regularly, so it doesn’t hurt to ask again. Also, because the car insurance industry is so competitive, you could even ask your current carrier for a lower rate.

Practice Good Driving Habits

Lastly, the easiest thing you can do to save money on both repairs and on your insurance is to practice good driving habits. Distracted driving is the leading cause of accidents in the United States. In 2017, distracted driving was the primary cause of 3,166 traffic fatalities. Having your car totaled will not only cause a spike in your insurance premium, but it can also lead to expensive legal fees.

Saving money on your car can be achieved by proper planning and being responsible. Simply adhere to the four tips listed above to begin being proactive about your approach to saving money on your car.