While having your own car can be a great blessing in your life, it can also come at a steep price. From having to buy the car and its insurance to paying for maintenance and fuel, operating your own vehicle can big one of the biggest expenses you have on a monthly basis.
However, with the right financial plan in place, you can find ways to save money on almost all areas of car ownership. To show you how this can be done, here are three ways to save money on car ownership.
Reduce Your Driving Speed
One thing that can have a great impact on how much you’re paying for your vehicle each month is to simply drive slower. While you might not see the correlation between this and saving money at first, William Cummings, a contributor to USA Today, shares that reducing your speed can save you a lot of money when it comes to fuel economy. In fact, for every five miles per hour you drive over 50 miles per hour, it as if you’re paying an additional 18 cents per gallon when you’re at the pump.
Not only this, but driving at or below the speed limit can also keep you from getting speeding tickets, which can be very expensive if you’re driving well over the speed limit or are in an area that’s particularly tough on this crime.
Get Regular Maintenance Done
Another way you can save money on car ownership is to take care of your vehicle by doing preventative maintenance. Although this might seem counterintuitive to some, getting regular maintenance done on your car can save you from having to make expensive emergency repairs when something completely breaks.
According to Deborah Fowles, a contributor to The Balance, some of the preventative maintenance you should have done on your vehicle regularly includes getting a tune-up, changing your oil and oil filter, checking your air filter, maintaining your tire pressure, and checking your fluid levels on a regular basis.
Raise Your Insurance Deductible
Depending on where you live, what type of car you’re driving, and what your driving record looks like, you might be spending a huge amount of money on car insurance each month or every six months. But luckily, there are some things you can do to reduce this cost.
One of the easiest ways to spend less on car insurance, according to Philip Reed, a contributor to NerdWallet.com, is to raise your deductible. By having a higher deductible, you’re taking on more financial risk in the event that you get in a car accident. While this means you’ll have to pay more out-of-pocket if an accident takes place, it also means that your monthly premium will likely be much lower for you.
If you’re wanting to reduce how much money you’re spending each month on owning and operating your vehicle, consider using the tips mentioned above to help you do just this.