How to Save Money on Auto Maintenance and Upkeep

Cars are awesome. To some people, their vehicle is an extension of who they are as a person. To others, their vehicle is just a means of getting from point A to point B. Despite the fact that vehicles are pretty cool, and absolutely necessary in many cities, vehicles can be very expensive to maintain.

According to consumer expenditure statistics released by the Bureau of Labor Statistics in 2015, we spend more money on our transportation expenses than any other spending category except for housing. After we pay our mortgage or rent every month, our next largest expense is transportation – with the average household spending between $9-10k per year on transportation costs.

Now you realize how high your transportation costs are and you want to do something about it. Knowing is half the battle – taking action is the other half, and we have put together a guide for you to learn how to save money on auto maintenance today and starting putting money back into your pocket today.

Think about all of the costs of vehicle ownership

1. Purchase or lease prices
2. Insurance costs
3. Fuel costs
4. Maintenance and upkeep costs

Everyone knows it is important to get a great deal on your vehicle when you purchase or lease it and most people that think they got a great deal really didn’t. Let’s be honest – the average person has no idea how automotive dealers really make their money, and we don’t really know what a great deal even looks like. There is always that friend who is willing to do extensive research and they brag about how they purchased their vehicle for “factory invoice.” That is not the average person – most of us don’t have any idea where to find this information.

Chances are, you have already purchased or leased a vehicle and you are still looking for ways to save money on your auto expenses. It is nice to save a little money on the original purchase or lease, but you are better off practicing money-saving habits in your daily life that will save you money on vehicle expenses for the rest of your life.

Save money on insurance

Step 1 – Shop around for the lowest price, and do this often

There are a lot of factors that go into the price you pay for your car insurance, and these factors can change often. It is recommended to price out insurance options yearly or every other year. Many people find that by switching their provider every year or two, they will save a lot of money on their insurance premiums.

Step 2 – Bundle your auto insurance with other policies

Many of you also have other insurance needs such as:

• Home insurance
• Renter’s insurance
• Personal property insurance
• Life insurance

You can often get a great deal by bundling these services all together with one insurance agent or provider. Many insurance providers also offer discounts for students, safe drivers, and individuals or families who own more than one vehicle. Make sure to speak with your broker or agent and confirm that you are getting all of the discounts you are eligible for.

Step 3 – Find out if your insurance company gives a discount for a tracking device

Many insurance companies now will pay you to install a monitoring device in your vehicle. This device tracks your driving habits to make sure that you are a safe driver, and it also provides the insurance company with valuable analytics that they can use for business growth and market research. Many insurance companies will offer hefty discounts in exchange for the use of such devices, some as high as 30%.

 

Save money on gas

Here are some awesome fuel-saving tips:

• Slow down
  Speeding and hard braking are the most common ways that people waste gas. Drive slower and safer and your wallet will thank you. Many newer cars have dashboard displays that show this gas savings actively happening as you drive and it can really help you understand where you are consuming the most gas.
• Cruise at 50mph whenever possible
  According to fueleconomy.gov, every 5mph you drive over 50mph is like paying an additional 20 cents per gallon of gas. That adds up quickly!
• 
  Run your air conditioner less
  Oak Ridge National Laboratory performed fuel efficiency studies and made the claim that running the A/C can reduce a vehicle’s fuel economy by more than 25%.
• Keep your tires inflated to the recommended PSI
  You should check the recommended PSI inside the door of your car, rather than on the tire itself. This number will give you a more optimal PSI for fuel economy. Fortunately, keeping your tires nicely inflated will also reduce the risk of having a tire blowout which will cost you money as well.

Save money on maintenance and upkeep

If you have ever had to take your car into the shop and received a painfully high repair bill, you will understand why it is important to stay on top of your regular maintenance. First of all, it helps to prevent large mechanical issues from cropping up unexpectedly. Secondly, regular maintenance keeps your car running efficiently, which saves gas and ultimately extends the overall life of your vehicle.

“If you don’t maintain your car, you’re taking a vehicle that might have been driven for 200,000 miles over its life, and you’re knocking it down to maybe 150,000 miles,” says Philip Reed of Edumunds.com for Bankrate.

Create and follow a maintenance schedule

Don’t let the dealership make this schedule for you. They will likely make the schedule with their own profits in mind. You will want to check the owner’s manual for your vehicle and build out a schedule for all of the recommended services ahead of time. The most important service to perform regularly is the oil change. However, there are many other services that should be performed regularly, and the intervals vary from vehicle to vehicle but below are some basic guidelines.

Guidelines for most vehicles

1. Oil changes – every 5k miles
2. Tire rotations – every 7.5k miles
3. Timing belt replacement – between 60k and 90k miles
4. Brake inspection and replacement – varies
5. PCV valve replacement – every 30k miles

The bottom line

Owning a vehicle is an absolute must for many people. It can actually be a joy to own a nice and reliable vehicle, if you take the appropriate steps to keep it running smoothly. We want to help you save money on auto maintenance and other auto-related expenses so that you can enjoy your vehicle for many years to come. If you follow the steps outlined in this article, you are well on your way to putting some cash back in your pocket. Now that you know you saved some money, get in your car and go for a joyride!