3 Ideas To Save Money On Auto Expenses
- Gasoline. Use a site like gasbuddy.com or a mobile app to locate the cheapest gas in your area. A few cents a gallon really adds up over the course of the year. You can also consider putting cheaper fuel in your car. Your vehicle may not need the most expensive 91 octane level. This one is mostly reserved for newer sports cars.
- Auto insurance. Check online for the best deals in auto insurance. Remember, everyone is in a market. Most auto insurance sites have charts that show their costs with estimates of their competitor’s charges along side. Others will match or beat the prices of others. If you want the best deal in auto insurance you can go with a smaller unknown company and get the legal minimum with a high deductible. If you have been with the same agent for a long time chances are they haven’t been working that hard to get you the best deal. So let them know you are shopping around to find a better deal. This may just spur them into action.
- Car loan. If you have a car loan when did you last look at your financing arrangement terms? You might find that you could reduce your payments by re-financing your loan. For example, you could pay off your current loan and replace it with a loan at a lower interest rate. You can go to another bank who might be able to lower your interest rate and take on the loan. Even if they can’t, you could at least extend the length of the loan to 5 years to cut your monthly payments down. You will ultimately pay more for this but this piece of advice works to instantly lower your monthly payment if you have a temporary cash flow problem.
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