Having a new car can be an exhilarating experience. It does not matter if it is a brand new or a used car. Either vehicle can still set you back a significant amount of money. Knowing what to do as a new car owner can help save you time, effort, and money. Below are the top five tips to consider:
1. Purchase an Extended Vehicle Warranty
A brand-new car will still have a factory warranty, which the manufacturer provides. You can go to an assigned repair shop and see if the repairs are on the manufacturer’s list. If it is, the manufacturer will cover the costs. Once the factory warranty ends, you will need an extended vehicle warranty to help you with future repairs or replacements.
A used car may or may not have a factory warranty. If it still has a factory warranty, you can still use it for unexpected breakdowns. You can get an extended warranty to protect your vehicle once it expires. Getting one starts by looking into reputable car warranty companies in your area.
Modern cars tend to have better technology than cars from ten years ago. These cars are more prone to sudden breakdowns. It is not practical to pay out of pocket, especially with the increasing costs of electrical parts and technical labor. Having an extended warranty company helping you out can prevent great financial loss.
2. Know if Your Car Is a Financially Sound Car
The general rule is that your vehicle expenses should not be more than 20 percent of your salary. These include gas, repairs, and insurance. The car’s payment should only be about 10 to 15 percent. Some car brands and models need costly car insurance.
Check whether your current car costs a significant amount to insure or not. If it is expensive to insure, you may want to trade it in for a car that is less costly to cover. This car can help you save more money every month. With an extended warranty, you can also have more peace of mind when an unexpected breakdown happens.
3. Set Aside an Emergency Car Repair Fund
The amount you prepare must be about one to five percent of your monthly expenses. This will cover your car’s emergency repairs without breaking the bank. Certain parts of your car will need replacements after reaching a specific distance. Keep the funds in one of your savings accounts for easy access.
4. Bring Your Car in for Regular Maintenance
A regular car maintenance service will ensure your car is in top condition. A trusted mechanic can give you a discount for consistent visits. Regular maintenance will include checking your belts, seals, engine, and hoses. Your mechanic will check your car’s gearbox, battery, and clutch as well.
Have your oil and oil filter changed according to your car manufacturer’s instructions. Your mechanic can do this for you as part of the regular maintenance service. Checking and inflating your cars are also part of the service. Keeping your tires in good condition can help prolong their lifespan. A regular air filter change can prevent debris and dust from invading your car engine. Regular car maintenance can help prevent expensive car breakdowns.
5. Practice Fuel-efficient Driving
Being fuel-efficient can save you a significant amount of fuel every year. Certain techniques can prevent your vehicle from early wear. They can also reduce your car’s carbon emissions and fuel consumption. Using the cruise control feature of your car while driving on the highway can reduce your fuel consumption. You can take advantage of gravity to prevent accelerating your car.
Speed up gradually. Hard acceleration tends to increase your fuel use. You can do this by not spilling an open cup of water on the dashboard. You can coast for a while before you stop. This can help save fuel because you take your foot off the accelerator and let your vehicle slow down on its own.
New Car Owners Like You Can Save Money With the Right Financial Strategy
A new car is always an investment. You do not need to blow your monthly budget on repairs and replacements. The mentioned finance tips can help improve your savings. Strategizing with your new car can make your car ownership easier and less stressful.
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