One way to save money on transportation is to use public transportation or walk whenever you can. You might think it’s a hassle to find out bus or train schedules but Google has added a “by public transportation” and even “by walking” options to their maps service. You can access this on any Google maps page or by going directly to the service here. If you’re interested check out the environmental impact of transportation as well.
Now let’s discuss some basic things you can do to lower your expenses if you own a car or are thinking of owning one. If you follow this advice you can save thousands when buying/selling a car and hundreds on monthly expenses associated with them.
Buying a car:
Never buy new – As soon as you purchase a new car it has already lost a significant amount of value. If you purchase a car that is just a year or two older even if it’s still from a dealership and hasn’t been previously owned you will retain a similar value to what you paid. This will help you in the future with selling or trading in.
Check insurance rates – Always check what your insurance will cost on a specific car. When you’ve narrowed your choice down to a couple cars or figuring out what you can afford the insurance rates can sometimes be a deciding factor.
Buy high residual value – Most cars depreciate very quickly. When you’re going to purchase a car check the residual value of it. If you purchase a car with 30% or higher residual value it means you could get significantly more when you sell it or trade it in the future. Simply look up “check residual car value” for webpages that provide this service.
Hide trade-in – If you’re going to be trading in your current vehicle hide it from the salesperson and don’t tell them what you’ll be trading in until you’ve negotiated the price of your new car. Get the new car price finalized then begin negotiations on trade in value. The difference between new car price and trade in value is their profit on the car. Letting them negotiate trade in value first will make them less lenient on reducing your new car’s price.
Improve credit score – Do whatever you can to improve your credit score. Besides helping you with financing there is a link between credit scores and insurance rates. So, this will help you quite a bit.
Owning a car:
Go speed limit – Driving the speed limit especially on freeways can save you a lot on gas. As soon as you go above 60mph your fuel economy takes a nosedive.
Use cruise control – Using cruise control to maintain a constant speed will result in better fuel economy.
Avoid idling – If you’re going to be stopped for more than 1 minute it is worth turning off your engine. When you idle your car gets 0 miles per gallon.
Regular maintenance – Proper maintenance can go a long way towards saving you money on repairs in the future. If your car has a minor problem now spend the money to fix it before it turns in a serious problem in the future.
Empty trunk/car – Make sure you keep your trunk/car empty of excess junk. That bag of gold bars you’ve been hauling around puts a big drain on your gas mileage and really adds up over time.
Wash your own car – Don’t take your car into the carwash when you can do the job yourself. You might end up being charged $30 for a clean car that would take you 20 minutes to do an even better job. Consider it paying yourself $30 to clean your own car.Sponsors: