Your family vehicle is meant to be safe and secure. It lets you travel on family road trips, adventures to grandma’s house, and quick grocery runs. But what if your car isn’t so safe for your budget?
There are many hidden costs of owning a vehicle. Unfortunately, those costs can add up over time if you’re not paying close attention.
Here are three common signs that your vehicle may be costing you more money than you think and what you can do about it to keep your budget secure.
You’re spending too much time at the gas pump
It’s no secret that gas mileage is important when looking for a vehicle. In fact, up to 59% of vehicle buyers spend their time online researching cars and trucks to find a vehicle that works best for them.
Fortunately, many vehicles nowadays are more eco-friendly and 100% of the scrap or unused material used during manufacturing is recycled. But the older your car gets, the less fuel-efficient it’ll be.
If you’re spending more time at the gas pump because your vehicle is guzzling more and more gas, it may be time to invest in a new vehicle. If a new car isn’t in the budget right now, you can increase your car’s gas mileage by:
- Avoid prolonged idling
- Limit how much you load up your car
- Use motor oil recommended by your car’s manufacturer
- Keep your car’s gas cap tightly sealed
- Make sure your tires are inflated to their correct pressure
- Don’t speed
- Reduce drag
Small repairs are beginning to add up
Whether you’re among the 87 million adults in the U.S. who participate in recreational boating or among the 2.8 million pick-up truck fans, you know any type of vehicle needs some kind of repair eventually. In fact, auto accidents are one of the most common types of personal injury cases and many of them can be prevented with regular maintenance and repairs.
But when those repairs start to go beyond regular maintenance and the costs begin to add up, it may be time to invest in a new vehicle. Budget your expenses to determine just how much you’re putting into your car. If you’re putting more into your vehicle than the vehicle is worth, it may be a better choice to sell it.
Your insurance premium is on the rise
One of the worst hidden costs of owning a vehicle is your insurance premium. Even if you drive safely on the road, newer cars often qualify for lower insurance premiums than older vehicles because of their safety features.
When you’re looking closely at the costs associated with operating your vehicle like gas and repairs, make sure you’re also analyzing your insurance premiums. It could be a lot more expensive than you think. But how do you lower an insurance premium?
According to the Insurance Information Institute, you may be able to lower your car insurance premiums by asking for a higher deductible, taking advantage of low mileage discounts, and shopping around for different insurers.
When it comes to owning a vehicle, you already know you’ll need to make some repairs here and there. But sometimes your car may be eating more into your budget than you think. By following the tips above, you can reduce the amount of money you’re putting into your vehicle and keep your budget secure.