Reduce the Cost of Car Ownership


Owning a car has common expenses that seem inevitable, particularly for vehicles without warranties. Thankfully, there are easy ways to make the costs of owning a car more affordable.

Here are some ideas to reduce car expenses:

Refinance Your Car:

Monthly car payments can be slashed by refinancing into a lower interest rate auto loan. Car loan rates are near record lows, so if you financed over a year ago, better terms are likely available. This can include those with challenged credit who have made timely payments on their loans.

A refinanced car also means less interest expense over the loan term. The monthly savings from lower payments can be used to start investing, reduce debt or build an emergency fund.

Elliott Broidy and money managers constantly review their holdings for opportunities to lower costs. You should do the same, including interest rates on car loans.

Buy Wholesale Parts for Auto Repairs:

Fixing your car is an essential but costly expense. However, the cost of repairs is reduced when you buy needed auto parts separately. Auto repair shops often charge high markups on car parts for brakes, engine components and others. You can review the written estimate and head to a local auto parts store for easy purchases.

You will pay car mechanics only for their labor and avoid inflated prices for car parts. Mechanics should guarantee their labor, while the car parts are covered by manufacturers. This means you have the same peace of mind with less expense.

Not all repair shops will install customer purchased parts; however, many happily accept this arrangement. Midas is a national chain with local stores that may install parts purchased by the customer.

Raise Your Auto Insurance Deductible:

Insurance premiums reflect many factors such as age, driving history and deductible. Your deductible is the easiest to control and results in fast savings. As your car ages, the value drops and odds of completing major repairs declines. Damages to engines and bodywork can sometimes exceed the value of older cars, meaning the car is totaled in insurance terms.

Fast savings are realized when raising deductibles. If you have AAA or an auto club membership, review your policy for overlaps. Towing and glass repair may be covered in both policies. By eliminating these redundancies, you will drop the cost of insuring a car.

Increase Your Car’s Return on Investment:

Owning a car is a justifiable expense for many people. Cars get us to work and help make our daily lives easier. In reducing the costs of maintaining a vehicle, drivers can more appreciate the benefits that cars offer.

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