This article is brought you by Vietwheels.com, Vietnam’s leading online marketplace to buy and sell cars.
The information in this article does not constitute as financial advice or any other sort of advice, and you should not treat any of the content as such. A qualified professional should always be consulted before making any financial decisions.
Now that it’s the start of a new year, you might be looking for ways to save money to help reach your financial goals for 2022. Making sound financial choices about the cars you drive will help you save money in your pocket in the long run. In this article we will take a look at some tips on how to save money on ongoing car expenses.
1. Refinance your Car Loan
The first step to cutting down your car expenses is to review your existing car loan. Refinancing your car loan could help you reduce your repayments, leaving you with more money in the bank to put towards your savings goals.
If you still have a loan on your car, you may be able to save interest payments by refinancing with a better rate. You can do this by contacting your current lender to see if they have refinancing options. You may also be able to find a new lender willing to offer you a loan at a lower rate.
Car loan refinancing simply means changing to a different lender that may be able to offer you lower interest rates, cheaper fees and more flexibility on repayment options. For further information about saving costs on car loans please Vietwheels’ article “How to save money on car financing”.
2. Review your car insurance policy
Switching car insurers is also another great way to save money. Shop around for discounted rates and compare premiums a month before your car insurance renewal is due to ensure you get the best deal available.
If you’re having trouble negotiating a lower cost with your current provider, shop other insurance companies to see if they can offer you similar coverage for a lower price. Switching insurance providers could help you shave down your costs and might even get you a more comprehensive policy.
For further information about saving costs on car loans please Vietwheels’ article “How to save money on car financing”.
3. Be proactive with car maintenance
Major repairs are one of the most expensive costs of owning a vehicle but keeping up with your scheduled maintenance can help you avoid them. Make sure to get your brake pads, belts, fluids and other parts replaced as often as your owner’s manual recommends, as this will help prolong the life of your vehicle. Getting regular diagnostics will also help you catch any maintenance issues early on, which could help you avoid any expensive emergency fixes. Here are some other useful tips for car maintenance:
· Keep your car properly tuned. If your car is making strange noises or feels funny don’t sit back and hope it goes away. Tuning your car regularly helps you preserve your car for longer and increase its’ power output, handling and speed.
· Change the oil and oil filer according to your car manual. Over time, your oil will break down and your filter will become clogged with contaminants. Changing your car’s oil is one of the most important things you can do to avoid bringing large bags of money to your mechanic later on. Generally, you should check your oil every three months, or every 5,000 kilometres.
· Check the air filter monthly. A dirty filter drags on engine efficiency and reduces your fuel mileage up to 10%. Air filters are inexpensive and very quick to replace, so you can do this routine maintenance yourself and save. Check out a step-by-step guide on how to change your air filter here.
For further information about saving costs on car loans please Vietwheels’ article “Effective Car Maintenance Tips”.
4. Save costs on fuel
Different petrol stations offer different prices at different times. Consider using a fuel comparison app that lets you find the cheapest fuel price based on your location in real-time. Once you find the cheapest petrol stations near you, continue to monitor the trends of other stations as well the times and days the petrol stations offer the cheapest prices.
There are other tips and tricks to help you save costs on fuel such as checking your tyre pressure regularly, checking wheel alignment, avoiding excess weight in your trunk and driving more efficiently. These tips are discussed in Vietwheels’ article “How to save on fuel costs”.
5. Learn to Do Car Maintenance on Your Own
Since maintaining your vehicle can get expensive, learning how to make small fixes can go a long way toward keeping those costs down. Learn to do simple things like putting air in your tyres; changing your wiper blades and fluid; and changing things like fuses, headlights and spark plugs. If you’re feeling adventurous, you could even teach yourself to change your oil and rotate your tires.
In addition to the maintenance skills that we’ve listed above, you can save money on your monthly car expenses by learning some basic mechanic skills. In the wonderful age of the internet, it’s so easy to self-teach by watching various YouTube tutorials and signing up for free courses. Of course, make sure to follow proper safety precautions, and if you feel unsure of your ability to complete these tasks, consult a professional.
We hope that this article will help you save money on car expenses and help you achieve your savings goals. If you found this article useful, please visit our other News and Reviews. On behalf of the VietWheels team we wish you all the best in finding your next dream car in Vietnam.
