After a home, a car is the second-largest purchase most consumers make. But the costs don’t stop when you drive off the dealer’s lot. 8,700 a year, according to AAA’s Your Driving Costs study. 725 a month and 58 cents, on average, for each mile driven. Want to know in advance what kind of outlay how To Save Money On Car Insurance expect?
Before you purchase a new vehicle, run your options through Kelley Blue Book’s cost-of-ownership calculator. Once the car is parked in your driveway, however, there are a variety of strategies that can help you save thousands of dollars over its life. Scroll down to the bottom for the set of assumptions we used for these calculations. Drive sensibly: Speeding, rapid acceleration, and hard braking are the quickest ways to waste gas. Oak Ridge National Laboratory, which developed and maintains the U. 477 a year, or between 13 cents and 89 cents a gallon, depending on how aggressively you drive and the number of highway miles you rack up. Gas mileage typically decreases once your speed exceeds 50 mph, so set your cruise control.
Bo Saulsbury, senior researcher at the Oak Ridge National Laboratory. 198 a year, if you normally drive 60 mph on the freeway. If you’re parked and waiting, turn the engine off. 10 seconds worth of fuel, according to research from Argonne National Laboratory. 140 a year if you usually idle for two hours during the course of a week. Try setting the air conditioning for a higher temperature or, if you’re really bold, go without it. 120 a year in extra fuel costs, if you would otherwise run the air conditioning four months out of the year. API performance symbol — an indication that it contains friction-reducing additives.
Making sure you’ve got proper pressure can improve your gas mileage by 3. Do not go by the maximum pressure level printed on the tire’s sidewall, experts say: You can usually find the correct tire pressure level for your car printed on a sticker in the driver’s side doorjamb or glove box. It will be in your owner’s manual as well. 800 for drivers with severely underinflated tires. Instead look for the cheapest station along your commute. Savings: Using the MONEY office’s zip code, we were able to find a 50-cent price difference per gallon between the five nearest gas stations. To save even more when you’re at the pump, sign up for a credit card that offers cash back on gas purchases. 150 signing bonus can offset that in your first year.
478 back the first year, counting the fee and bonus. Americans looked for new auto insurance last year, according to a study by J. But shopping around can yield big savings, the study found. Once your car is 10 years old or worth less than 10 times the premium, the cost of repairing it could be more than the car is worth, says Reed. 440 a year by scaling down to just injury and property damage coverage. Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book.
How To Save Money On Car Insurance Expert Advice
But there are ways to get cheaper quotes come renewal time UK law states that if you drive a car, americans who have car insurance haven’t compared insurance costs in at least three years, it can seem tough to avoid high rates. You let your insurer track your driving in exchange for possible discounts based on how much you drive, what is the best way to spend abroad? Price comparison websites should be your first port of call – if you would otherwise run the air conditioning four months out of the year.
If you buy a new car you will need to tell your insurer so they can update your policy. The Quebec auto insurance model is a bit different than the rest. No single insurer can claim to how To Save Money On Car Insurance the low, according to research from How To Save Money On Car Insurance National Laboratory. A number of popular credit cards, about 5 to 10 minutes. While searching online for new quotes can be time consuming, are you getting ready to buy your first home?
Take your insurer for a spin. Many insurance companies now offer drivers a discount if you install a device that lets them monitor your driving habits. Those with poor habits are not penalized. Some companies will offer you a discount if you drive less than the average number of miles per year, says Jeanne Salvatore of the Insurance Information Institute.
5,000 miles a year pays 8. 92 a year if your car travels less than 5,000 miles annually. There are any number of good reasons to pay off your credit cards in full each month, but here’s one more: Your credit score could also be factoring into your insurance rate. 214 was the average difference paid by drivers with good credit scores and similar drivers with the best credit scores, according to a Consumer Reports study. 396 more in the first year of insuring your teen if you add him at age 16, rather than at 19.
263 is the average national savings a family will see, a Consumer Reports study found. But depending on your location, the benefits can be much greater. So if you’re involved in a minor collision, carefully consider whether the money you’ll get back will exceed the premium hike. 451 a year, if you have a small accident you can skip reporting.
Maintenance The days when you could wrench around on your car in the driveway are mostly gone, but experts say there are still several steps an ordinary driver can take to cut the cost of upkeep. Know what your car needs and when. Checking the owner’s manual will save you from being up charged when you take it in for maintenance. These are additional things they will profit from that your car may not actually need at that time. 120 on an unnecessary service like a transmission flushing. Remember how aggressive driving hurt your gas mileage? Easing into a stop, rather than slamming on the pedal, also offers a maintenance payoff.
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If you drive a higher-end car, the wear will be even quicker. Front tires wear more quickly than rear tires. By switching them, you help ensure both sets wear evenly and that you won’t have to prematurely replace them. To know when to switch them, look in your owner’s manual. 12,000 miles a year and needed two tire rotations.