5 Ways to Lower Your Cost of Car Ownership
How to Lower Your Cost of Car Ownership
Let’s be honest, owning a car can get really pricey really quickly; you have to worry about gas, insurance, random car fees and even just general maintenance. Car owners spend thousands of dollars a year(on top of the cost of their vehicle) just to keep their ride on the road. Here at Borrow we’ve got your back though; here are five ways to save money while staying in a sexy ride!
1. Certified Pre Owned
Let’s just start right away at the buying process; buy a certified pre-owned car from a manufacturer program instead of getting one brand new. CPO vehicles have already gone through most of their depreciation, but have also been maintained by factory service technicians and usually have low miles. Did you know that a new car tends to lose around 40% of its value in the first year alone? Let someone else take up that loss!
2. Insurance
If you just want to save some cash on a car you already own, taking a long hard look at your insurance policy is a really good first step. If you have an older car, you may just look into lowering the amount of coverage you carry. After all, having full coverage on an ‘86 Toyota Corolla probably won’t do all that much. Just look at how much a mild fender-bender would cost you to repair; if the cost is less than what you’re paying in insurance coverage for that car, then you should probably look into getting a new policy. Even for newer cars, shopping around and carrying all your insurance policies(home, auto, business, cats) through one provider can save you some serious cash every year.
3. Car Payments
If you’re stuck with hefty car payments every month, now might be a good time to talk to your lender about refinancing. As long as you’ve kept up with your payments and have good credit history, you should be able to secure a new loan with a drastically lower interest rate or a more manageable monthly payment. In some cases it can be as much as by $600 dollars; all it takes is a few phone calls to get the ball rolling. That doesn’t sound too bad and can get you saving a lot over time.
4. Gas
For the most part, how much gas your car uses is out of your control, it has to do with the size of the car and its engine and other boring stuff. But there are a few things you can do to improve your cars’ mileage, leading to a little extra cash in your pockets. Dumping out any extra weight, going easy on the throttle and keeping up with your vehicle’s regular maintenance can definitely bump up its performance at the pump.
5. Maintenance
Speaking of maintenance, next to keeping your car’s fuel consumption in check, nothing makes cars more expensive more than regular maintenance. At first it may seem a little painful to shell out cash on a regular basis for oil changes and check ups every three months, but doing so can head off serious repair jobs and keep all your car’s systems running the way they should. Some maintenance doesn’t even have to cost you; keeping an eye on your tire pressure and fluid levels will keep you aware of any growing problems and cause less wear on your car's parts. Or you know, just get a Borrow; we take care of maintenance for you 😎😎
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