For many of us, our cars are the second largest purchase we ever make. The costs, however, don't end with an auto loan. There's gas, insurance, maintenance, and the list goes on! Here are 3 ways you can save thousands of dollars over the life of your car.
1. Don't be a speed demon. Speeding, hard braking, and rapid acceleration will waste a lot gas. According to research prepared for Oak Ridge National Laboratory, aggressive driving can lower your gas mileage by 33% on highways and by 5% around town. Even though gas prices are still pretty low, why pay more frequently when you could just drive at a reasonable speed. Setting your cruise control can help.
2. Save on insurance. If you're like most people, you typically shop around for the best deals. Insurance shouldn't be any different! Different insurance carriers can give you different quotes. Shop around at least once a year to make sure you're getting the best rates.
3. Save on repairs and maintenance. Do you remember that owner's manual that's probably in your glove compartment? Many list important items the dealer recommends you have done to your car. Make sure you're maintaining your car with the important items and not wasting money on things you think you need. Or try Do-It-Yourself. If you're handy, try rotating your own tires or replacing your air filter. Both of these can save you a lot of money over time, not only in labor costs, but also in performance.
There are many creative ways to save money when it comes to your vehicle. And what will you do with all the money you'll be saving? That's up to you to figure out!