There are two significant purchases that we will make in our lifetime. The most expensive purchase will typically be our home. Properties can range from hundreds to millions of dollars, and their value continues to increase. The second significant purchase we will make is for a vehicle. A vehicle is what we get to work in. It is what we use to get to the grocery store, and what we use to pick up and drop our kids off from school. It is a tool that we use very often, but unlike a house, its lifespan does not extend beyond our own. It is for this reason that you have to be conscientious and do all that you can to manage your car costs:
Be a Safe Driver
If you are never in an accident, then you never have to worry about repairs. While big accidents can typically be done through insurance, if you caused the accident you will still end up paying in increased rates. By being a safe, defensive driver, you can better protect yourself and your vehicle, keeping repair costs low and you safe.
Get Regular Maintenance
Regular maintenance – meaning going in for regular oil changes, and being on top of problems like worn brake pads – can help you save a lot of money in the long run. Ignoring these maintenance updates can end up with a problem that is very expensive to fix. That being said, there is only so much that can be done with a vehicle, particularly if you have driven it over 150,000 miles. At this point, your vehicle will be running on its last legs, and it will cost you more than double in maintenance than it did at the start of its lifecycle. This means that merely maintaining it could end up costing you the same as a newer vehicle would.
Trade In
If your vehicle is still in a good state, but starting to cost you more in upkeep than you would like, consider taking it to the dealership to trade in. This is a great way to get a discount on your new vehicle. Newer models are always cheaper to run, particularly as technologies develop, meaning better gas mileage and safety features for you and your family.
Sell
Not every vehicle is suitable to be traded in, or the discount is simply not worth the trade in. At that point, you will need to find someone to sell junk cars to. Junk cars are classed as models that are past their prime and often dangerous to drive on the road. They are not fuel efficient, and some might not even have the most common safety features, like airbags. Rather than let it rot on your property – or worse, drive these unsafe vehicles on the road – you should sell them for cash and then put that money towards a down deposit.
Managing your car costs is a balance between properly maintaining a vehicle while it is still in its prime, and knowing when it is time to either trade it in or sell it off. Vehicles are not forever, and new cars can end up costing you less than older models in the long run.
Read More:
Maximizing Savings: Discover the Best Time to Refuel at Costco and Save Money
