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Ways to Save Money on Car Costs

A Few Simple Ideas Can Lead to Large Savings on Your Car Costs

Cars take up a lot of our monthly budget, so saving money on your car costs is a critical step in building your wealth and saving you money.  Here are some big and small ideas we have that can help you save.

Ways to Save Money on Your Car:

  • The best way to save money when buying a car is to buy a late model used car.  With so many sites available to search for used cars, you really don't have to compromise on model and features.  Buying a used car with low miles will cut more than 30% off the purchase price.  More importantly, try to find a certified pre-owned car.  Not only do you get the original warranty, but they usually offer an extended warranty as part of the price.
  • If you are going to buy a new car, you can maximize the discounts by doing extensive research on the Internet.  Search across dealers and find their best prices and deals before you go to your local dealer.  Use the information you find to negotiate a lower price.  Also, wait until about the time the new model year cars arrive to buy.  The dealers need to make room for the new inventory and are willing to offer better prices.  Also, shop on the last day of the month, quarter and year.  Often salespeople are trying to sell a few more cars to boost their incentives and commissions and are willing to negotiate.
  • If you are trying to buy a car but they will not negotiate, walk away.  Talk to another dealer or be flexible and choose another make or model.
  • Keep your car well maintained.  Keeping all your fluids fresh and filled can add years and miles of life to your car.  Neglecting these can cost a lot in the long run.  If you are really motivated, you can do a lot of this maintenance yourself.  Visit a car parts store and they will more than likely walk you through how to do the work yourself.  Things that you can do yourself include rotating tires, replacing brake pads, changing oil, fluids and belts.  Look online for help figuring out how to get started.
  • Keep the tire pressure at the recommended level.  Having your tires properly inflated saves wear and tear on your tires as well as increasing fuel economy.
  • Instead of taking your car to the dealer each time where they charge book rates for labor (e.g. charge 2 hours labor for a task that takes 15 mintues), ask around for a recommendation of a local garage that will do the work for actual time, and often for lower parts and labor costs.
  • Shop online for car insurance. If your local agent can't match the price, switch.  Try bundling home, renters, car, boat and other insurance to get an overall better rate.
  • Learn how to save money on gas.
  • Want more ideas on how to save?  Visit our main page filled with ways to save money.

See Also:  Ideas and Tips on Saving Money