How To Save Money On Car Ownership

There are many compelling reasons to buy a car, including independence, saving time and money, and ensuring safety and privacy when traveling. Unsurprisingly, around 92% of US households own a vehicle, according to a 2022 survey. Considering that it can be a significant expense, it is practical to find ways to save money while keeping your vehicle on the road. Below are four practical ways to do so. 

1. Drive smarter 

Driving smarter is a great way to save fuel. Thankfully, you don’t need any specialized training to achieve this. Whether you cruise in a hatchback or a comfy sedan, a few tweaks can make a big difference. For instance, try driving in a higher gear whenever possible to use less fuel. You may also plan your trips to avoid rush hour traffic, as sitting in stop-and-go traffic can take a significant toll on your gas mileage.

2. Upgrade to a fuel-efficient car 

Trading in your old vehicle for a new, fuel-efficient one might not be in the cards for everyone. But if you’re considering an upgrade, you’ll be glad to know cars are getting more fuel-efficient than ever these days. Some super-compact ones can even get close to 60 miles per gallon, which means less money spent at the pump and more for that rainy-day fund. Plus, many fuel-efficient cars come with lower tax bills. If hybrid or electrics aren't your thing, even modern gasoline and diesel engines can be surprisingly economical. The good news is that online car marketplaces like Edmunds make it easier to find your preferred car without hassle, so you can make the upgrade that best suits you.

3.Keep the load light

Research reveals that the more stuff you haul around, the harder your engine has to work. So, try to avoid keeping your truck overflowing with items you’d rather leave in the garage. Also, think twice before leaving your roof box on after your vacation is over. Leaving it on can act like a windsail, forcing your engine to work overtime. The same goes for keeping your windows down at highway speeds. If possible, shut them completely and turn on the air conditioner. If you have a roof rack that’s not in constant use, it’s best to take it off. Less drag means less pressure for your engine and more money in your pocket. 

4.Be your car’s handyman 

A faulty car is no fun, and repairs can leave your wallet feeling lighter. But before you panic, there are ways to keep your repair bills in check. For instance, some basic maintenance tasks are easy to tackle yourself. These may include checking your oil and tire pressure. You don't need a mechanic or certification for these – just a little know-how and some elbow grease. Taking care of simple maintenance can keep your car running smoothly and prevent bigger, more expensive problems down the road. 

Applying the above tips will help you enjoy the most out of your vehicle and reduce the cost of car ownership.