Cars are not cheap. And if you argue that some have affordable market prices, then you should also consider other car-related costs. Aside from the monthly expenses of your car loan, you need to spend on insurance, maintenance, repairs, and gas.
Since car so happens to be the second most expensive item you’ll buy in your life, it is only fitting to know how to use and take care of it at the lowest possible budget. Here are five genius money tips to help you out.
Car insurance is required in most countries. Before you can register and legally drive around your car, you’ll need insurance to cover you, your car, and your passengers. Think of your insurance as a spare tire. You are not driving around with it because you need it, but you will be thankful that you have it should one of your tires give way.
However, mindful on which type of car insurance you will be signing up for. There are various types of insurance so be sure to compare the coverage and prices. While you may want to get the full coverage just like most of us do, you have to consider your financial capacity.
Don’t intend to get insurance to cover minor dents, scratches and other cosmetic damage from an accident. This will only dramatically increase your premium. Should you eventually need a minor repair, you can simply get a personal loan from a cash mart licensed moneylender singapore.
These legal cash lenders offer affordable loan which you can use in any way you want or need. This is cheaper compared to an insurance add-on.
Remember to read licensed lender reviews before applying for a short-term loan.
Insurance providers are more likely to give discounts if the car owner does not file a claim for a certain period of time. If you decide to renew your insurance with the same company, you can save some cash. But there are also other things to consider aside from this one.
Moreover, insurance rates fluctuate regularly depending on the risk ratings set by the insurance carriers and the market conditions. Don’t assume that the best price now will stay the same after a year. This means you have to review the best rates every year and change your provider as you see fit.
Learn Basic Repairs and Maintenance
Nowadays, you can learn a lot about car maintenance and repairs on YouTube. You can also get new hacks and even promo codes from influencers to get discounts. Now, that is hitting two birds in one stone. Here are some of the things you teach yourself.
- Touching up paints
Touching up paints early can save you heaps of cash. If you see some small scratches and chips, you can easily use touch-up paint. It costs a few dollars in the auto-parts store and car dealership. Ensure that you get the exact color match. Use a small, pointed artist’s brush and apply the paint in small dabs. Let it dry for a day or two before polishing it up to get the best results.
- Windshield wipers
The truth is wiper blades don’t last long. In fact, the best it got is up to six months. To prolong its use, moisten a towel with glass cleaner or some water with a little dish soap before wiping it off the rubber edge.
- Clean air filter
Check your car’s air filter regularly. A clean filter can reduce gasoline mileage up to 10%. Simply remove the filter and blow it with an air hose. Dealers and even the oil change places will charge $20-30 to install an air filter. So learn to do it yourself.
- Check your tire pressure
Keep your tires properly inflated by checking it regularly. Under-inflated tires can cause your car to decrease gas mileage up to 6%.
Save up on new tires
No matter how much you take care of your tires, it will still be worn out over time. To save up for a new one, you can ask dealers and other ‘tire stores’ for quotes. Tell them to include necessary costs such as basic tire mounting and balancing.
Once you got your new tires, you need to maximize the life of your tires by rotating front to back every 10,000 to 15,000 miles. Doing this will even out the wear across all four tires. This is best for front or rear wheel drive cars. You can do it for 4WDs but the benefits will be more evident on front or rear wheel drive cars.
Develop gas-saving habits
There are some driving habits that can make you unknowingly spend more. To save more on your road trips you need to develop these simple habits:
- Combine errands into one trip to avoid backtracking.
- Accelerate gently.
- Avoid driving behind to keep a steady speed when driving on a highway.
- Anticipate slow-downs and avoid stops by watching traffic ahead.
- Turn off your air conditioner at night when it’s cool outside the car.
- Ask neighbors or co-workers to carpool with you.
But don’t cheap out too much
If there is a repair that you can’t do well as an amateur, it is best to ask an expert to do it for you. You may want to save money, but being too cheapskate can backfire at you. If it is done wrong, you will need an expert to redo it. This means you would be wasting time, effort, and cash.
Your goal is to keep your car in proper working order. Consider buying your car necessities by prioritizing your need not just wants.