A lot of people are looking for ways to cut down on costs and have more wiggle room in their budget! Taking a look at car costs can find a lot of different ways to save money. Take a look at these money-saving ideas when it comes to your car!
Car payments tend to be one of the largest monthly expenses that car owners have. There are ways to cut down on this monthly expense to make it lower or even zero!
Refinance your loan
If you have a high-interest rate or if you have worked on your credit score and it has improved, you more than likely will be able to get a lower payment by refinancing your loan. Give this a try to see if you can save big on your car note.
Downsize to a car that is less expensive
If your car payments are just too much, downsizing to a less expensive car could be a great option! Selling your car for more than is owed on the loan, if possible, and using what is left over after paying off your loan to buy a vehicle that is used would be the best option, as this will leave you with no monthly car payment!
Some repairs can be done on your own, and others need a trusted expert. The following can help save money in both situations.
Research repair costs
If you know what the problem is with your vehicle, sites like CarMD.com will help you be able to estimate the cost of repair. If the cost seems too high, you should always ask about or look into alternative sources for parts, such as Subaru aftermarket parts and accessories.
If the repairs are something that can be done yourself, this is always the option to go with! Even finding a good friend who knows how to work on cars. This will save you money in labor costs, leaving you with only the cost of the parts. Always make sure that you feel completely confident going into the repair, though. You don’t want to start the repair to find out that it is too much for you, and now you need your vehicle towed to a mechanic. This will just end up costing more money!
Thankfully, insurance companies are in competition with one another. This gives you the ability to shop around for the best rates. Always be sure to look over your policy at least once a year, as well.
Use every discount available.
Make sure that you are using all of the savings that you are able to qualify for! Some of these include loyalty discounts, discounts for certain occupations, good-driver discounts, and bundle discounts. This is especially useful when one or more teen drivers are listed on your policy since that usually means an increase in rates.
Increase your deductible
If you raise your deductible even from $500 to just $1000, this could save you $200 per year. While that doesn’t sound like a lot, that is still savings from month to month!
Staying caught up on the maintenance of the vehicle will end up saving money in the end. This is because regular maintenance, such as oil changes and tire rotations, keep the engine and suspension in better shape for longer periods of time.
Follow the scheduled maintenance plan that the car has in the owner’s manual. This is typically tire rotations, as well as oil changes. Keeping a copy of this schedule will help you stay on top of it!
Use independent mechanics
If you are unable to do the maintenance yourself, skipping the dealership’s service center will save you money! Quick-change oil centers and independent mechanics will be a cheaper route. Pay attention when they try to upsell, though, as these are usually unnecessary.