Forty years ago, my parents bought their first house for 45,000 dollars. Today the same home would be about 1.6 million. The issue? My father’s salary for the same job today would be about 80,000, so instead of requiring just over one year’s salary, it would take over twenty years to acquire enough money, and that’s if you spent nothing in 2021. So it goes without saying that life, homeownership, and even everyday items are wildly more expensive than they used to be, and that includes driving and car ownership.
Below, we take a look at some ways your vehicle can affect your bank balance more than it should.
Always Behind the Wheel
You’ve got a car, but no one says you need to drive it everywhere you go. If you’re automatically getting behind the wheel every time you leave the house, then you might want to consider looking at changing your habits. It’s possible that you could significantly reduce the amount of money you spend on gasoline and parking just by opting to take public transport now and again. Or you could take the crazy option and use your legs to get from A to B.
Poor Driving Habits
Of course, this won’t always be an option. If you’re going somewhere away from downtown or taking a long trip, then you’d got to get behind the wheel. However, it’s still possible that you’re spending more money than necessary. Not all car journeys cost the same! It’s all about the MPG. If you’re driving in a way that promotes good MPG, then you’ll be visiting the gas pump much less than other drivers, and you’ll save big money, especially when it’s spread over a year. So if you’ve just been driving, possibly incorrectly, look at changing your driving to a style that’ll save you more money.
You’ve got to have insurance. There’s no getting around it! But you don’t necessarily need to be spending as much as you’re currently spending. There are plenty of people who automatically renew each year, not realizing that if they shop around, they could save a significant percentage on what they’re currently spending. You’ll also want to update your details to reflect any changes in your lifestyle that might help get your insurance costs down even further.
Involved in an Incident
You could have the best driving practices, inexpensive insurance, and a reliable car that never breaks down and still end up in financial difficulties because of your vehicle. If you’re involved in an accident, you might find that you’re unable to work, have expensive medical bills, and have to pay some expenses to get your car back on the road. But if it wasn’t your fault, then why should you end up in financial trouble? Instead, look at accident injury attorneys’ legal solutions, and get the compensation that you deserve. You don’t have to be out of pocket just because someone else made a mistake in their vehicle. Always fight for justice.
Bad Buying Decisions
The companies who advertise cars do a terrific job, and they can convince people who already have an entirely functional car that it’s a good idea to upgrade to a newer model. While there’s nothing wrong with buying a new car, you must factor in just how much this will affect how much your car is going to cost you. If you are going to invest in a new vehicle, make sure you research the depreciation values. Some cars lose their value much faster than other cars, which will make a big difference in selling them in the future.
How To Lower Costs
So we’ve looked at the many ways that cars can cost you money, but how can you save money? If you’re spending too much of your money on just getting around, then look at doing the following: set up a car-sharing service with people at work. If there are four of you, then you’ll have instantly slashed the amount you spend on gas each week. You should also be proactive with maintenance; it’s much cheaper to spend some money keeping everything in tip-top condition rather than waiting for something to break and having to fork out a lot of money to fix it. And as we said earlier, one of the best ways to save money is to leave the car at home, and use public transport. Your car doesn’t have to destroy your bank balance!