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June 30, 2010
You cannot afford not to have a car, but the cost of owning a car can almost drive anyone insane. There are several different ways to go about saving money on owning a car. I’m going to attempt to go into each one briefly.
The easiest way to save money on your car is to shop around. Oftentimes you can find a vehicle that meets your specifications at a better deal. You may find a brand new vehicle of a model that you are looking for but it’s last years model. You can save thousands off the sticker price this way.
It’s also advisable to not buy a new car. Experts say that new vehicle can depreciate as much as twenty percent within the first year of ownership. Most vehicles are designed to hold up well nowadays and you can always save money by buying well maintained vehicles that are only a couple of model years old.
There are times when it can be advisable to refinance your car. Lower interest rates equate to less money paid over the course of you loan. This is especially true if you are able to keep your payoff date the same. If you simply need to have lower monthly payments, you can refinance for a longer period which will lower your monthly payment.
It is also very advisable to do your homework when it comes to insurance. You can save up to thirty percent of your monthly insurance payments by shopping around, and there is a plethora of companies that will give you quotes over the internet in a matter of a few minutes. You can also save alot of money by increasing your deductable. Changing your deductible from five hundred to one thousand dollars can save you as much as four hundred dollar per year.
Anyone looking to save money on a vehicle needs to make sure to buy a vehicle with good gas mileage. You can save almost a thousand dollars a year if you trade your twenty mile per gallon car in for one that gets thirty miles per gallon. You can also increase your miles per gallon in your current vehicle by accelerating smoothly, and braking in moderation. Using your cruise control to maintain vehicle speed improves your gas mileage and paying attention to speed limits allow you to reap the benifits of higher miles per gallon.
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