Your car is most likely one of your most prized possessions or a wise investment.
Right off the bat, you were aware that it will cost you quite a lot of money. With the amount you paid for it and the daily maintenance cost that it incurs, having a car can be really expensive.
However, there are things you can do to help cut your car expenses. We compiled the best ways to save money on your car, and you’ll be surprised how simple some of them are.
Save Money on Insurance
- Before you renew the car’s insurance, shop around the lowest price from different companies first by comparing annual quotes. It’s easy to fall into the habit of just renewing with the same provider but remember that shopping around may give you big savings, especially when you don’t have any traffic violations or accidents.
- Consider releasing the collision and comprehensive coverage of your car from the insurance premium once it gets old. If what you are paying for these coverages is already larger than what your car’s market value is, then it’s much wiser for your budget to let them go.
- Get your car and home insurance from one company. You’ll be able to get a lower interest rate and could save you a lot of money a year, depending on your location.
- If your yearly mileage is less than average, companies might offer you a big discount. So make sure you ask for discounts. This is one of the best ways to save money on your car. Aside from mileage, you can get discounts too if you have a good credit score and if you registered someone in your household with good grades in school.
Save Money on Fuel
- One of the best ways to save money on your car, and probably the most practical to do, is to mind your driving. You waste a lot of gas when you drive aggressively. So stop speeding, hard braking and doing rapid acceleration because they can drastically reduce your gas mileage. Keep your speed at 50 mph as often as you can.
- Turn off your engine whenever you are idle. An engine running even while you’re stationary is using up to half a gallon of fuel every hour. Turn your engine off instead, because restarting it will use less fuel.
- The car’s air conditioning is using a lot of fuel whenever it’s on. Spend some time driving with open windows, especially during a nice weather. Also, open the windows whenever your first use of the car each day. Let the hot air leave through windows first, instead of turning the air conditioning on right away.
- Spend gas money wisely. Try using the MotorMouth app to find the lowest petrol price along your way. You can also apply for credit cards that offer rebates on every fuel purchase and take advantage of fuel rewards program of some groceries near you.
- Make sure that your car is well tuned up. A well-tuned up engine uses fuel more efficiently and will save you a lot of money.
Save Money on Car Maintenance
- Driving responsibly can also save you money on car maintenance. Avoid braking hard not only to save gas but also to give your brake pads longer life. You can save a lot when you avoid frequent changing of brake pads.
- Another one of the best ways to save money on your car is handling simple repairs by yourself. Small repairs like replacing the lights, fuses and wiper blades are easy enough to do on your own and can save you money on labor costs. Try to watch some videos on Youtube about how to do these repairs.
- To avoid wearing out the engine, do oil and oil filter changes per 5,000 kilometers. It will save you money from repairs and will extend the life of your engine further. Also, change the air filter every month. A clean air filter can maximize the fuel mileage and can also avoid engine wearing.
- Check on your tires regularly. Make sure that the tires have correct air pressure because under-inflated tires can lose significant fuel mileage. Also, don’t forget to swap your front tires with your rear tires regularly. Front tires wear much faster, switching them with the rear tires will ensure that all tires wear evenly and will prevent you from replacing them early.
Save Money on Refinancing
Aside from these best ways to save from your car, you can also consider revisiting your existing car loan. You can shop around with different lenders to check if there are cheaper options to refinance your car loan. Switch to a new lender that will offer you lower rates, more flexible repayment terms, and cheaper fees.
At Aussie Car Loans, we offer a wide variety of car financing options that suit clients with different financial status. Visit or call us to check if our car loan refinancing options are better than you currently have.