Costs associated with car ownership
Some car ownership costs are more apparent than others, but there may be ways to minimize these costs. If you’re buying your first car or just want a refresher on what car ownership entails, here are some things to consider.
How to save on car ownership
Although the cost of car ownership can be steep, owners can take steps to keep expenses in check.
- Shop for cheaper car insurance: Some insurance companies are known for offering cheaper rates than others, so getting and comparing quotes from multiple providers may be a smart move.
- Refinance your car loan: Some car loans can be refinanced at a lower rate. It may be wise to check and see if there’s a lower rate available, especially if the market has changed since the vehicle was purchased.
- Consolidate driving trips: The more you drive your car, the more maintenance it will generally require. It may be a good idea to consolidate errands in one trip, carpool with friends and neighbors, and research alternative local public transportation options.
- Maintain your car: When it comes to vehicle repair costs, the best defense is a good offense. Having routine maintenance done may help prevent higher repair costs down the road. Early detection of issues can often bring repair costs down.
When is it time to replace a car?
Vehicles don’t last forever, which means at some point you will need to replace yours. Over time, maintenance can become unmanageable or the car might no longer be a good fit for your lifestyle. Here are a few situations to consider when thinking about whether or not it’s time to replace a car.