How to save on car ownership expenses

Simon Wells
Authored by Simon Wells
Posted Friday, October 15, 2021 - 3:20pm

Between petrol, insurance, and repairs, it seems like the costs of owning a car get to be too much. In fact, car ownership is usually a very close second place after homeownership costs for household expenses. And the numbers just keep rising. This can be a barrier to saving money for the future like retirement.

If the cost of owning a car is getting to be too much, there are ways to reduce it. You don’t have to sell your car and start taking the bus or riding your bicycle around. Those things do help curb the costs but with the right strategy, you can still have a car and lower the expenses to something more reasonable.

In this article, we will go over some helpful tips to get you to save money while owning a car.

Lower your payments

If you are financing a new car then the best thing to do right away is to either go for part-exchange for a less expensive car or sell your car online to webuyanycar. It is a good time to look for some used cars that are not too old and still have some life left in them that will cost far less in financing.

Of course, if you can manage to pay cash for a car that is no more than three years old then this will save loads in interest over the next few years. The key is to eliminate your debt on a car or at least reduce it to a minimum.

Buying a used car that is more than three years old is not a bad idea but can come with a host of problems like repairs and maintenance that don’t usually come from newer used cars. However, if you are not going to be driving much then it could still make sense.

Do your own repairs

Youtube is an incredible resource that allows you to learn from experts in just about every field. With some patience and the right tools, you can learn how to do many of your own car repairs which will save an enormous amount of money over the course of your car ownership.

There are many small repairs or maintenance that add up over the years. Things like oil changes, tyre rotation, and brake repairs are all things the average person can do on their own. It will be a challenge at first but the savings are worth it.

Find alternative transportation

Petrol and wear and tear on the car make it not worth it to use a car for every trip. There are many times when taking a bike, train, or bus would make more sense than using the car. The less frequently the car is used the longer it will last.

Then there are the savings on repairs as the car will stay in decent condition the less it’s used, such as the brakes and oil changes. And, of course, less money will be spent on petrol.

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