Want To Reduce Your Car Ownership Cost?

Business

Owning a car can be a pretty expensive task if you do not take care of certain factors. Many of us think that the major chunk of cost issues are solved once the buying part is over. But, in reality, it is not the case. Though the cost of the car can be a large amount, still the costs that follow can also get accumulated to an amount even larger than the cost itself! The ownership of a car comes at a price and reduction of that price is possible if you take a few extra precautions. The major portion of your car ownership cost stems from three factors- cost of fuel, maintenance/repair work costs and insurance costs. These three factors can be cut down if you pay attention to a few minute details! Yes! It is possible! Let us see how!

How To Save On Fuel?

With the constant rise in fuel prices, it is only natural that you start worrying about the costs incurred due to fuel usage. Here are some quick ways by which you can save on your fuel costs:

  • Be sensible, drive sensible!- Yes! Some things are as simple as that! Sensible driving can help you reduce costs. Hard breaking, sudden increases in acceleration and speeding are the common reasons for wasting gas.
  • Follow the 50 km/hr rule!- Your mileage will start increasing the moment you cross the 50 km/hr speed. Hence, as far as possible, stick to safe driving with 50 km/hr speed.
  • When you wait or park, switch off the vehicle!- idling can cause wastage of fuel to a great extent. Hence, when you are parking the vehicle, stopping it for a short time or waiting for someone to come; switch off the engine!
  • Let some heat come in!- If it is not absolutely necessary to switch on your AC, then do without it.  Reducing the usage of AC can help in reducing fuel usage by about 25% and more than that!
  • The right choice of motor oil matters!- Make sure that you use the motor oil recommended by your vehicle manufacturer. It can help in lowering fuel consumption by around 1% to 2%. Usage of the right motor oil can obstruct the engine’s metal surfaces from getting ground to each other.

How To Save On Insurance?

Another major cause of car ownership cost is the insurance cost. The cost of buying insurance and the premiums can turn out to be costly if you have not made the right choice. Often people end up buying more than needed and hence pay more premiums. A little bit of thought and the right decisions at the right time can easily help you to reduce the insurance costs.

  • Compare, Shop And Choose- Don’t hurry while choosing your insurance policy. Take time to compare the various options, coverages, and policies available in the market. By shopping around and analyzing quotes of various providers you get to make a wiser choice that costs less and offers all the coverages you need.
  • Reduce the coverages if your vehicle is old- If your vehicle is more than ten years of age, then it is better to cut down its coverages.  This is because the repair costs of an old vehicle can be more expensive than its total worth.
  • Bundle up your policies- It is always better to insure your vehicle, your home and your health with the same insurance provider. Bundling up of policies helps you to reduce the premiums as the insurance providers offer discounts to those who take multiple policies from them.
  • Get mileage discounts!- Some insurance companies offer discounts if you use your vehicle less often. You need to prove that your average miles traveled in the vehicle is lesser than that of others who ride regularly.
  • Keep an eye on your credit score!- It is always better to pay off all your credit card payments by the end of every month. And, if you want another reason, then here it is! Your credit score can have a direct impact on your insurance premium rates! Hence, make sure you maintain a good credit score so that your premiums will also go down simultaneously.

How To Save On Maintenance/Repair Costs?

Another major cause of concern that shoots up the ownership price of a car is the maintenance/ repair costs. Here are some ways to bring it down:

  • Get to know the needs of your car- It is always better to have an idea about your car’s needs and also know when to provide it. The dealers will often give you a list of items needed to maintain your car. Make sure you get it and take care of your ride.
  • Stop braking hard- Be soft to your vehicle. Braking hard can not only cause fuel expenses but also cause damages to your braking system. Aggressive driving can only result in more losses.

Make sure you replace the air filters- It is better to replace your air filters in time so that your engine remains dirt free and the fuel economy also improves to a great extent. It is better to replace your air filters within every 30,000-mile rides on your vehicle.