Tips to Save on Vehicle Costs - Money Tip Tuesday

Vehicles can get expensive. The average American spends approximately $12,000 on vehicle costs annually, according to the U.S. Bureau of Labor Statistics (2023). Are there ways to cut those costs and save a little money on expenses?   

Links:

• Research tools like Gas Buddy as an option to save money on gas purchases*
• Check out Triangle's competitive auto refinance rates
• Check out TCU University for financial education tips and resources!
• Follow us on Facebook, Instagram and Twitter!
• Learn more about Triangle Credit Union  

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

This money tip outlines a few things you can do to reduce your vehicle expenses.   

With everything from gas to repairs to purchase and resale, owning a car can be expensive. Of course, the purchase price is worth noting, as well as your financing costs or interest. But what about maintenance and fuel efficiency?  

If you are searching for a vehicle, this provides insight into what to consider when making a purchase. If you already own a car, you may find some of these tips helpful in saving money over time.  

1. Tip 1: Be savvy, buy used. This can save you money right off the bat. You don’t need to get an old vehicle; something 2-3 years old is fine. But compared to buying a new car, you could save yourself thousands off the price tag. A new vehicle can average around $47,000 according to Kelley Blue Book. However, due to depreciation, the same car can cost about half its original price in only a few years. The average price for a used car is around $26,000. If you buy a vehicle that’s a few years old, you can save yourself a good chunk of change right off the bat and still get a good, reliable car. 
2. Tip 2: Get regular servicing. Tire rotation, regular oil changes, and even car washes can all help extend the life of your vehicle. Although these are all considered expenses, regular maintenance can save you quite a bit of money in the future because you’re less likely to incur repair costs and it helps maintain the value of your car. It also extends the life of your vehicle, keeping you from having to buy another car every 7 years. Pay attention to your vehicle, budget for regular maintenance costs, and you’ll pay less overall.  
3. Tip 3: Take control, perform repairs or maintenance yourself. If you’re mechanically inclined, you may be able to do some of the work yourself. Some car servicing or repairs are easy enough to do yourself. You may not need to pay someone for servicing when you are just as likely to perform the job yourself. YouTube is an excellent resource for watching repair or service vehicles. You’ll most likely be able to find a tutorial for your car and watch someone perform the repair. Just make sure you know what you’re doing so you don’t make a mistake that requires a professional to fix. 
4. Tip 4: Find ways to reduce your gas expenses. You can achieve this by purchasing a fuel-efficient vehicle, such as an electric car or a hybrid. If you are not looking to buy another vehicle, consider reducing the number of miles you travel. Consider staying home a little longer if you’re usually on the go. You can also use an app like GasBuddy to search for the nearest gas stations and their prices, avoiding the need to drive across town to your favorite, low-cost station. 
5. Tip 5: Refinance your car payment. This is always a good option if you find your car payments are just too high. Shop around for low rates and try refinancing your car loan. This can save you a significant amount of money in expenses and reduce your monthly car payment. Triangle offers refinancing at competitive rates. Visit trianglecu.org to check the current rates and apply to refinance your vehicle.  

What did I miss? What are some other ways you save money on your car expenses?  

Let us know on social media. Share your tips and tricks. There may be someone else out there who could use the extra tips. Together, we can all save a little more.  

Vehicles can get expensive. The average American spends approximately $12,000 on vehicle costs annually, according to the U.S. Bureau of Labor Statistics (2023). Are there ways to cut those costs and save a little money on expenses?    

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!