Keeping Your Car from Becoming a Money Pit

money pit car

For many people, car ownership is an essential step towards achieving personal independence and reaching adulthood. But unfortunately, owning a car has a way of making life more difficult. That’s because, more times than not, owning a vehicle means spending thousands every year to ensure you keep driving. 

Buying a car has always been an expensive proposition, but the cost of car ownership has skyrocketed in recent decades. Between the price tag, taxes, fees, financing, refueling, insurance, maintenance, and repairs, the average car owner spends over $8000 each year for the privilege of staying on the road. 

Enough is enough! It’s time to stop letting our cars become money pits. They’re supposed to provide us with more freedom, not burden us with more financial strain. With this in mind, let’s take a look at six ways to lower the cost of car ownership: 

Cheaper insurance

Motor vehicle insurance is required by law in most states and countries, making it a necessary expense associated with car ownership. However, most people overpay on their car insurance when compared to more affordable coverage. A 100 300 insurance policy - combined with a third number indicating property damage coverage - is more than sufficient for most drivers. Higher limits generally come with higher premiums, meaning more money spent each month on insurance you likely don’t need. 

Preventive maintenance

Many drivers think oil changes, tire rotation, and yearly tuneups are optional aspects of vehicle maintenance. They couldn’t be more wrong. Preventive maintenance is critical to keeping your vehicle in peak condition. Doing so reduces the chances of costly repairs, ultimately lowering the cost of car ownership. What’s more, scheduled maintenance extends the life of your vehicle, allowing you to get more mileage out of it or sell it for a better price. 

Safe driving

Wear and tear is an unavoidable consequence of driving. However, aggressive maneuvers and other reckless behavior behind the wheel will cause parts of your car to prematurely fail and require expensive repairs. Combined with the dangers posed to yourself and others by unsafe driving, the writing is on the wall - or the road in this case - that responsible driving is critical. 

Mindful parking

A parking ticket now and then is not a big deal from a cost-benefit point of view. However, amassing large quantities of parking tickets is a recipe for financial disaster. In addition to the cost of the tickets themselves, fees and penalties for failing to pay on time can lead to hundreds more owed. Drag your feet long enough, and you could even face criminal penalties, including jail time. All things considered, it’s probably better to pony up the $25 bucks for garage parking than risk the $100 fine for parking someplace you shouldn’t. 

Reliable service

Car dealerships will do anything to get you to bring your car to them for service. Unfortunately, most dealerships charge an arm and a leg for basic maintenance, and the price goes up from there if you need any significant work done. Rather than go to the dealership, consider finding a trustworthy mechanic operating independently. These mom-and-pop repair shops tend to charge less while providing the same level of service. 

On-time payments

Whether it’s the car payment, insurance premium, property taxes, or license fees, it’s always in your best interest to pay on time. Doing so avoids additional interest, late fees, and possible court dates. All added up, on-time payments will save you hundreds, if not thousands, throughout your lifetime. 

Car ownership has never been a cheap privilege. With that said, it shouldn’t have to cost someone thousands every year. There are effective ways to lower the cost of car ownership, making the prospect of affordable driving a possibility for virtually everyone behind the wheel.

Topics

A93820014BS Abu Dhabi accidents ACLU ACS Advertising Aha Mobile AI Airsage ALPR ALPR Cameras Android Apple Arizona Atlanta ATS Attorney Australia Auto Insurance average speed cameras Baltimore Belgium Beltronics Bikes Bribe Brooklyn Buy Buying California Camera Vans Canada carplay Carpool Cars CDOT cell phone Chicago City Council Class Action Cobra Colorado Connected Signals Connecticut construction contracts Corruption courtesty notice courtesy notice Crashes crime Crosswalk crowdsourcing Culver City Dangerous Intersections Dash Cam Data Database Des Moines Distracted Drivers DIY DOT download Drivers License Driving Instructor Drowsy Drunk Drivers Dubai DUI E-ZPass England Escort Europe Facial Recognition failure to stop Fake Cameras FasTrak Fighting Tickets Finance Fines Fleets Florida FOIA Ford France freedom of information act request Garmin Gatso Georgia Germany Ghost Glendale Google Google Maps Government GPS Angel GPS Navigation Guest Writer Hawaii Here Highway Robbery Highways HOV Cameras How To humor Illinois Injury Inrix Insignia Instagram Insurance Insurenet iOS IOT Iowa iphone iRadar Ireland Italy Iteris Joe Biden Laser Craft Law Suit Laws lawyer Left Turns legal Legislation License Plate Local London Long Beach Los Angeles Loud Exhaust Louisiana LPR Cameras Lyft Machine Learning Magellan Maine Maintenance Manhattan maps Marketing Maryland Massachusetts Microsoft Minnesota Missouri Mitac Mobile Ads Mobile Apps mobile speed zone Motorcycle MTA Navigation Navigon Navteq Nestor Netherlands New Jersey New Mexico New Orleans New York New Zealand News NHTSA Nokia NTSB Oahu Oakland Ohio Oregon Parking Parking Tickets Parks Peasy Pennsylvania Phantom Alert Philadelphia Phoenix Photo Notice photographs POI Points Poland police Politics Poll Portugal Privacy Progressive Web App Protest Radar Railroad Reckless Driving red light cameras RedFlex RedSpeed redzone refunds Removing rental car tickets Repairs research revenue Rhode Island Ridesharing Right Turns rolling right turns Russia Sacramento Safe Speed Safety Safety Cameras San Diego San Francisco San Jose Scam Schools Seat Belt Seattle secutity settlement Shutting Down signs Singapore Snitch Tickets solar Sound Cameras Spain speed cameras Speed Vans State Ban stop sign cameras Street View Students subpoena Subscription Supreme Court Surveillance Switzerland Taxi Technology TeleAtlas Telematics Tennessee Tesla Texas Texting Tickets Tips Toll Road TomTom Tracking Traffic traffic attorney Traffic Camera Traffic Lights Traffic Safety Traffic School traffic tickets Traffic.com Trapster Trial by Written Declaration Trinity Trucking trucks UAE Uber UK Unpaid Ticket Vehicle Occupancy Verra Mobility video Vigilant Violation Fines Violation Info Violation Speed Virginia Vision Zero Voters warning devices warning notice Washington Washington DC Waze Wikango Xerox Yellow Lights YouTube