Owning a car is one of the most expensive luxuries that a person can have. Not only do owners have to pay the purchase price for a car, but they then have the ongoing car expenses of keeping that car running. Those expenses can include things like gasoline, electricity, and maintenance. If something on the car breaks that is not covered by a warranty, it can become extremely expensive to own a car. This brief guide outlines five simple hacks you can turn to save money on car expenses:
Pay Less
For starters, there is no need to overpay for a car when buying. Dealers are in business to make money, and they will charge as much as they think they can get away with. It is imperative, therefore, to do some shopping around before making a purchase. If you are looking at purchasing a Nissan Altima, for example, you can compare the same car at multiple dealers to see who may offer the best price and overall deal. Not only can you compare purchase prices before shopping, but you also can compare financing options. Just type in “used car loans from SCCU” and it should bring up plenty of financing information.
Consider Going Electric
Fuel costs are one of the biggest costs of owning a car. People that drive a lot may spend hundreds of dollars or more per month buying fuel. Recent years have, however, seen the popularity of electric cars improve significantly. Not only are electric cars better for the environment as they do not produce pollution when running, but they may also save you tons of money on fuel costs as there is no need to purchase gasoline.
Consider an Extended Warranty
Most new cars will now come with a robust warranty that typically covers the engine, transmission, and other major components. These warranties are typically made for a specific amount of time or a specific amount of mileage. A three-year, 100,000-mile warranty used to be the standard, for example. Dealers may also offer extended warranties, however, that may provide coverage beyond the time or mileage limits of the traditional warranty. Depending on the coverage provided, the cost of that coverage, and the vehicle type, an extended warranty can make sense and save you considerable amounts of capital later as the car ages.
Skip the Extras
Many cars are now available with a wide variety of luxuries. These may include heated rear seats, surround sound systems, or large moon roofs. Although these extras may be nice, they are not necessary at all and in fact, may add thousands of dollars or more to the price of the car. Make sure to spend your capital wisely, and to only buy what you need.
Don’t Forget Your Trade-In
If you are looking to trade in your old car, make sure the dealer provides you with an amount for your car that is fair. This can be accomplished by doing your due diligence and asking a few dealers what they would be willing to offer for your car. The more you receive in trade-in value, the less your new car will cost you.
Buying and maintaining a car can be a very expensive endeavor. To save as much money as possible, make sure to take your time, do your homework and only commit when you feel you are getting a fair deal.
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