There are few car-owners who would voluntarily give up their vehicle; it simply provides too many advantages. However, there’s one aspect that people would happily give up -- the cost. Because boy oh boy, those expenses can sure stack up. From the car itself to gasoline and maintenance, our cars can feel like something of a money pit. Fortunately, there are things you can do that will help to reduce those expenses. Below, we take a look at a few tried and tested methods for keeping those costs to a minimum. They won’t get rid of all the costs, but they will help to make them more manageable, and you’ll sure feel the difference in your bank account.
Driving Properly
You would never just burn your money, would you? Yet that’s just what some people end up doing, albeit in a less literal way. Everyone knows just how expensive gas can be, yet what often happens is that people end up using far more gas than they need, and for no good reason at all. If your driving style produces a low MPG rate, then you’ll be visiting the pump far more frequently than you’d like. The leading cause for a low MPG figure is accelerating too quickly and braking too harshly. These two things won’t make you arrive at your destination any more quickly, but will influence just how gas your car needs to accommodate for your driving style.
Regular Maintenance
You’ve got to spend money to make money, that’s what they say. It’s true in business, and it’s true, albeit in a different way, when it comes to your car, too. If you stay on top of your car’s maintenance, then you’ll be able to prevent those big mechanical problems from occurring. This does require a small outlay of cash, but it’s a worthwhile investment. It’ll help to keep your car in tip-top condition, and ultimately save you money -- it’s much cheaper to take care of small issues rather than wait for them to become large problems that require expensive repairs.
In the Event of an Accident
There are some things that could seriously increase the amount of money you need to spend on your vehicle. For example, if you’re involved in an accident. If you’re not careful, then you could face heavy medical bills and car repair costs. As such, one of the best ways to reduce expenses related to an accident is to know what to do after a car accident not your fault. This will ensure that you get prompt medical treatment, and also that you get any financial compensation that you deserve. This isn’t something that you want to gamble with, for the simple reason that these costs can run into the thousands -- and that’ll quickly push your car costs up to levels that aren’t manageable.
Maintaining Resale Value
Whether it was bought new or second-hand, you’ll have splashed out a fair amount of money on your vehicle when you first bought it. But you don’t have to consider that “dead money,” so to speak -- well you can, but it’ll only drive up the amount of car-related expenses that your bank account has to handle. One of the best ways to limit how much your car costs you is to maintain the resale value. If you look after your vehicle, you can get a big percentage of how much you spent on it in the first place back -- not 100%, sure, but still high. For this, you’ll need to stay on top of the car’s maintenance and appearance; it might not sound all that exciting, deep cleaning your car once a month, but there is a financial incentive that’s worth thinking about.
Sharing Rides
You spend a lot of time in your vehicle, simply driving from point A to point B. And these points are normally the same: say, your home to your office. To reduce the costs of the commute, why not look at offering journeys to other people who are making the same trip? If you split the ride with a coworker, you would instantly halve the price of your commute. Add more people, and the costs would decrease even further.
Take The Bus
Finally, keep in mind that you don’t need to get in your vehicle every time you’re making a journey. There’s always public transport, which is much cheaper, or walking, which is free. You won’t want to do this every day, but it could be a useful option from time to time.
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