How to Save Money on Your Next Vehicle

This is a collaborative post.

How to Save Money on Your Next Vehicle

For some people, driving a car is a necessity; however, with the continuous rise in car costs, it’s often a headache to those who want to keep a tight budget. After all, most homeowners want to cut monthly expenses, not add to them, so taking on a hefty car loan or shelling out hundreds of dollars a year in maintenance could put you in a bad financial situation. But the best thing is that there actually are ways for you to save money on the next vehicle you buy; it’s just up to you to be creative. Explore the following ways you can save money on your next vehicle.

MY LATEST VIDEOS

Saving Money on the Car

If you’re in the market for a new car, you need to know how to save money on the actual purchase. The very first thing you need to do is shop around and find the car that makes sense for you. For instance, you may be in love with that decked out F250, but if you don’t need that type of vehicle for your family or your job, then it’s a better idea to stick with something more cost-effective, such as a coupe.

In addition to picking the right type of vehicle, you also need to shop around for prices. Not every dealership with have cars for the same price, so you need to find one that is within your price range. In addition, make sure to talk with the dealer about incentives, discounts or promotions to help reduce the amount of money the car will cost. Finally, consider if you have another vehicle to trade in that could help at least lower the cost of the vehicle to you.

You should also try to find a Certified Pre-owned vehicle instead of buying something right off the production line. Certified Pre-Owned models go through rigorous inspections and come with great warranties, so you don’t have to worry about getting a vehicle that will continuously let you down.

Finally, after you purchase your vehicle, keep it until you run it into the ground and are searching for scrap car prices to sell it for junk. This can help you avoid having to spend money on a new car for a long time.

Saving Money on Insurance

The other hefty cost of driving is having car insurance, but it’s a necessity in some states. Like buying a vehicle, you also want to shop around for different prices and options to help you find the one that fits best within your budget.

Aside from shopping around, you should also consider lowering the coverage on vehicles that are older. For instance, if you’re still paying full coverage on a car that’s older than 10 years, then you should lower it down to liability insurance only. You should also consider packaging your insurance with one provider. For instance, using the same provider for home, auto, life, etc. can actually save you money.

Finally, talk with your insurance provider about available discounts. Do they offer discounts for those who are/were in the military, work for non-profits or any other type of specialty offer? Do they offer discounts for low mileage? Finding out what’s available to you would help you find the coverage that costs less.

Saving Money on Maintenance

The other big expense from vehicles is the maintenance. And while you can’t help the unexpected expenses that may come from hitting a pothole or having a rock hit your windshield, there are other ways you can keep your vehicle maintained for less.

The best way is to learn to do things yourself. For instance, an average oil change today at a dealership or mechanic can run between $40 and $75. Buying oil and a filter will cost you around $10-$20, which is a huge saving. Aside from oil changes, you can also learn how to rotate your own tires or change your own brakes.

Finally, you just need to be mindful of how you handle your vehicle. Driving too fast off the line, hitting the brakes hard, or even driving recklessly will put unnecessary wear and tear on your vehicle that can be costly to maintain.

If you truly want to save money on your next vehicle, use these tips.