Save Money on Cars

These days you can hardly survive without a car.  We depend on them and sadly, they cost a lot of money to acquire and maintain.   However, there are things you can do to lower your car related expenses.

The cheapest way to save on car expenses is to not have one.  No car payment, no legal issues, no insurance, no tolls.    If you are lucky enough to live right by a really good subway or bus system (Like Toronto, NY, Boston, etc…) then don’t get a car.  Walk or take the public transportation system.  You’ll be healthier and have more money at the end of the month.  For the rest of us…                  

Buying a Car:         

The best thing you can do to save money on cars is buy a good car and keep it forever.  Try to keep it a minimum of 10 years.  If you pay cash for the car and keep it ten years you minimize your annual cost of driving substantially.   If you also take care of the car, you can sell it when you’ve decided to get another, thus further reducing your annual cost of owning a vehicle.  Do not get a new car every year or two.  If you want to get a new car and keep it till it dies, that’s ok, since the immediate depreciation won’t affect you.  But the worst thing you could do is to constantly buy new cars.  Don’t do it. ·                              

Buy a car on a Monday - Mondays are usually the slowest day of week for car dealership so you have more negotiating power. (source edmunds.com) ·                              

ALWAYS check the history of the car you’re interested in if you are buying a used car.   Why, you ask?  Because you will know if the car has ever been in an accident, how many miles it really has, who has owned it, and how it was disposed of.  It’s invaluable information before you spend a big wad of cash on what could be a very expensive problem.  Protect yourself.    Looking to buy a used car? Check the vehicle’s history before you buy at AutoCheck.com.   

Never pay sticker price. Never.  Don’t believe them when they tell you that’s the best they can do.  Just say with a nice smile, ‘But all I can really afford is $X.’   If you don’t like to bargain for cars, and I don’t, go with someone who does.  Shop around.  Check out all the dealers, check out online, but find the best deal, and then buy. ·      

Check the online sites for car quotes before you buy.  You can often find cars online cheaper than you can elsewhere.  Check out the price of a car you are thinking about first.  Try Free Price Quotes at Edmunds.com
 

Check out this site before you buy.  It’s loaded with a lot of car buying tips to keep you from getting ripped off.     www.carbuyingtips.com

Use a home equity loan to finance your new car (if you need to finance it).  Why?  Because you can deduct the interest on a home equity loan from your taxes, whereas a regular car loan you cannot.  Of course, it’s better not to finance at all, but if you must, then here is a good option:  Home Equity Loans – No Costs! No Fees! Click here to apply!