Did you know that the average price of a new car was over $47,000 last December? The tally has crept up even more throughout 2022.
Furthermore, the average cost to own and operate a new vehicle this year is about $10,728–nearly $900 per month. It goes without saying that owning a car is expensive and, for some people, might even be cost-prohibitive. But there are ways to slash car ownership costs.
Are you interested in learning about how you can drive for less? Continue reading for a look at ways to save money on car ownership. You’ll see it doesn’t have to cost you an arm and a leg.
- Complete Driver Education Program
You should consider completing a driver’s education program if you’re a relatively new driver. Taking driving lessons is one thing. But doing an in-class component where you receive instruction in things like defensive driving will help your case for lower insurance rates. After completing such a program, you’ll get a certificate. It’ll lead to an insurance premium reduction.
- Ask Your Insurer About Things You Can Do to Lower Your Insurance
Do you live in a state that gets lots of snow, ice, and slush during the winter? You might qualify for a discount on your insurance rates if you install winter tires for the cold weather months. Installing a security or ignition immobilizer system can also reduce your insurance premiums. Your best bet is to ask your insurer about what things you can do to get reduced rates.
- Perform Preventive Maintenance
Ignoring preventive maintenance is a big no-no. Going in for regular oil changes, changing other fluids at regular intervals, and doing other things to take care of your car will cut down on expensive repairs down the road. If you don’t change your engine oil regularly enough, you could wear out the engine prematurely. But if you stay on top of regular maintenance, you can ensure your car spends more time on the road than at the mechanic. So, cut down on expensive repairs with some simple preventive maintenance.
- Be Selective In Choosing Your Car
You can save a great deal of money if you do your research and buy the right car. For instance, fueling the average four-cylinder car will cost much less than fueling the average SUV or truck. So, unless you need the extra space for whatever reason, it might make sense to stick to a car that offers good gas mileage. You’ll also want to focus on brands known for their reliability.
- Select Only the Coverage You Need
It also makes sense to focus on getting the right insurance coverage. When renewing, ask questions. Find out what things are required and what things are options. You can then decide whether or not you want any of the optional things.
Another thing to consider is whether or not you need a car in your driveway at all. If you don’t drive much, it might make more sense to borrow a car from a family member or friend rather than buy one. In such cases, you can get insurance when you borrow a car. Buying coverage for specific occasions when you use someone else’s car can save you money. And it’s a great option if you want to drive a car but don’t fancy buying and maintaining one.
These are some options to keep in mind if your goal is to reduce car ownership costs–and who doesn’t want to do that? Owning a car obviously comes with a lot of expenses, but there are things you can do to make the costs much less than they would otherwise be.
