A new car is one of the biggest purchases a person will make in their lifetime. This counts for both immediate and long-term financial costs. The crazier thing is that many of us do little to no research on what a car is worth when buying it. In other words, we’re willing to go a bit out of our budget range even though we know the price of it will depreciate as soon as it leaves the lot. When we add this on top of monthly costs such as insurance and maintenance, we can imagine just how much money we can waste on a car. This is where the importance of long-term saving techniques come into play.
The thing about these techniques is that they are easy to implement, yet, many of us don’t bother to use them. However, some of these techniques are known for helping save upwards of tens of thousands of dollars. This is enough money saved to invest in other things like a house or even another new car if you’re looking to upgrade. The only thing it will take is patience and consistency in implementing these techniques to take full advantage of them. Now that we know how powerful these techniques can be, let’s take a closer look at what they are exactly and how to save money with them. Here are five tips to save money on a new car.
Schedule Monthly Maintenance Checks
As mentioned before, most of us aren’t going to find savings when purchasing a car. That’s simply not where the savings are. That said, having a scheduled maintenance check will help. Once a month is all you need for the saved money to add up. The idea behind doing this is that it helps you catch any irregularities that would end up costing you big time in the future.
Consider Bundling Your Insurance Policies
Your insurance is one of the monthly costs that add up as well. However, it’s surprising to many people that even this necessary expense is an expense where you can find savings. In this instance, savings are found with techniques such as bundling your insurance policies. The benefit to this is that it allows you to get a two-for-one savings. For example, if you bundle your car and house policies, you get the benefit of saving thousands for both policies depending on how long you stick with the bundle.
Driving Within Your State Guidelines/Regulations
While this might sound like an obvious thing to do, driving within your state guidelines has benefits to them including savings. Despite this, people still speed, drive recklessly, and simply don’t follow their state’s regulations. As for how you can save money this way, this helps you avoid costly tickets that can also end up costing you upwards of thousands. Another way is that it helps you save on little things like your monthly gas expenses. If you’re going at the speed limit you should be going instead of speeding, you’re naturally going to fuel up less.
Checking The Car’s History Before Buying
Before buying a new car, it’s crucial to look into the car’s history. Even if you are buying a brand new car that’s used, it never hurts to ask for it just to verify that the car is indeed new. Doing so gives you intel on any previous accidents that could come up again while you own the car.
Setting An Emergency Budget
Let’s face it, owning a car has its unexpected problems. Even if you take care of your car and always have it up to standards, an accident that might not even be your fault could cost you if you’re not fully insured. That’s just one example of how things can go wrong. This is why setting up an emergency fund is so important. A budget essentially protects you against any unexpected cost that may come up saving you money in the process.