If you love finding new tips to save money, and consider yourself a frugal car owner, then you will love these money saving tips. Why should you spend more than you have to, to own and operate a vehicle? Follow these money saving tips to start saving now.
1. Shop for Insurance
Every state requires drivers to have auto insurance. It is okay to be frugal when it comes to auto insurance, but you never want to sacrifice quality coverage to pay a low premium. There are over 5 million auto accidents in the US each year. According to the NYS Department of Transportation, the average cost of an auto accident ranges between 30,000-40,000. WalletHub also reports that the cost of replacing a windshield can be between $200-$300 without glass coverage on your insurance. You get the idea, that not having good insurance can be far more costly than paying a few extra bucks a month in premiums.
When you are comparing auto insurance, one of the best money saving tips is to consider the value of the policy instead of the cost of the premiums. If you have to pay a few dollars extra for better coverage, it is a better choice.
2. Learn How to DIY Auto Maintenance
The average cost of an oil change and service can be as high as $125. The materials are about $50. One of the most important money saving tips when it comes to saving money on auto operations and ownership is to learn how to DIY the basic care yourself. You could potentially save up to $500 a year by doing your own oil changes, changing your own windshield wipers, and doing other basic maintenance yourself.
As a bonus, you do not need to go out and spend a ton of money on expensive tools, most auto stores have a free rental program. You just have to pay for the materials.
3. Improve Your Fuel Mileage
Fuel is skyrocketing. The Department of Transportation said that all the vehicles in the U.S. collectively travel trillions of miles every month. Big oil is making big bucks. If you want to stop contributing to the big oil companies, there are ways you can get better gas mileage with these money saving tips.
Check your tire inflation. Proper tire inflation is essential to getting the best mileage from your vehicle. According to the EPA, plastic parts can help your gas mileage as well. Plastic parts can be 30% lighter than fiberglass parts, which can contribute to better fuel mileage. Stay on top of your maintenance, and be sure to change your air filters.
Download a gas app to help find the cheapest gas in your area. Roll down your windows instead of turning on the AC. Air conditioning can reduce gas mileage by 4%. Make sure that you plan your trips to get the most done along the way so you are not doing a lot of back and forth driving.
4. Make Repairs As Needed
If you notice a strange noise, funny smell, or a performance issue, it is best to invest in repairs early on. One of the money saving tips that everyone should follow is to get repairs done as soon as possible. Making repairs as soon as they are necessary can help to minimize damage and costs.
5. Refinance Your Car Loan for a Lower Rate
Money saving tips that apply to any type of loan also apply to your car loan. If you can get a better rate by refinancing, go for it. Why pay more interest than you have to? You can save a lot by refinancing your auto loan. Find more money saving tips to make owning and operating your car less expensive today.