Reducing Your Monthly Auto Expenses

Posted By: Matt in Saving on 10/16/2014 at 07:54:54

An automobile can be a costly commodity with expenses such as insurance, fuel and repairs. Frugal consumers will have to take steps to reduce their monthly vehicle-associated costs if they would like to survive in the declining economy. The following are some helpful tips for reducing the monthly expenses for vehicle operation:

Change Insurance Coverage

Changing one's insurance coverage is perhaps one of the easiest and quickest ways to cut vehicle expenses. First, a person who has full coverage can downgrade to liability-only coverage if he or she owns the vehicle. Next, the person can change the deductible amount for different benefits and receive huge discounts. For example, a person might receive a $50 a month discount by changing a $250 deductible to $1,000 for comp and collision. The vehicle owner can change the coverage again once his or her financial situation improves.

Carpool With Friends or Coworkers

Carpooling is an excellent way to save money on gas. Many coworkers will be willing to pick up other coworkers who are on the same shift. A carpooling arrangement usually only involves small contributions toward the driver's weekly fuel supply. The expense will be extremely low if the carpool includes several people.

Use the Public Transportation System

Buses and trains can save a worker a fair share of money. Workers who work close to their homes can try taking a bus back and forth to the job. Bus fare is usually under $2 for a ride that is within a five-mile radius. Driving a vehicle the same short distance could cost three times that amount, as gas burns faster on short trips. Buses and trains can give the person a chance to relax, as well.

Obtain a Gas Card or Cash Back Card

A consumer with good credit can obtain a gas card or a credit card. A gas card is a credit card that offers special discounts on pump transactions. A cash back card is a credit card that returns a small percentage of consumer's expenses on certain transactions. Some cash back cards award cardholders up to 6 percent cash back for fuel purchases.

Perform Solo Maintenance Tasks

Finally, performing maintenance tasks such as oil changes, filter changes and spark plug changes at home can save hundreds of dollars. Many shops charge $30-$50 for a simple oil change. A consumer can do it alone for $10 if the person buys the filter and oil from the right place.

Saving money on vehicle expenses is not difficult. A consumer can start taking frugal steps today.

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