Cars provide convenience and freedom, but they come with a range of expenses that can pile up quickly if not managed properly. From routine car maintenance to unexpected repairs and from car insurance to parking and fuel expenses, owning and maintaining a car can be a significant expense. In February 2024, The Star reported that the average cost of maintaining a car in Canada has risen to$16,644per year! However, you can keep your car costs under control with smart practices that ensure that your car remains an asset rather than a burden.
In this blog, we will share useful and simple tips to help you manage your car costs without compromising your car’s efficiency. Whether you are an experienced driver or a newbie, this blog post has practical tips that will help you save money, extend the life of your vehicle, and enjoy a stress-free driving experience. Let’s dive into the tips that will help you save money!
Plan Your Budget
Estimate the cost of expected fixed and variable car expenses. Fixed car expenses are overheads such as the annual car maintenance fee, monthly car insurance payments, and the monthly car financing payment if you purchase the car on lease/financing. Variable car costs include fuel expenses, parking fees, road tolls, and unexpected car repairs costs.
You must pay a set amount for the fixed car expenses every month. However, the variable costs are where you can save money. You can also do this by:
- Purchase a functionally sound car– All used cars will have problems, but you must inspect the car closely and rule out cars that require major repairs or have major functional problems. For example, cars with old engines, faulty transmissions, electrical issues, suspension problems, etc., should be avoided. The best way to avoid cars with major functional problems is to get a CARFAX report and take a mechanic to inspect the car.
- Know your car –Now that you have bought a car without major problems, the next step is to understand the problems it does have. For example, your new car may have old tires or an old battery that will need to be replaced. So, get an understanding of the problems so you can plan a cost-effective solution for them. In this case, you may ask your mechanic for a time estimate in which you will need to change your tires. Once you have that, you can search for a value-for-money tire deal and purchase them when an opportunity becomes available rather than buying expensive tires when they fail on you suddenly.
- Set Aside a set amount for variable expenses –Allocate a set amount for fuel, parking, and unexpected car repairs each month. This will allow you to avoid overspending.
Ensure Regular Car Maintenance
Timely car maintenance will increase your car’s life and save you a lot in car repairs. Don’t skip your scheduled annual car maintenance. Get the car inspected by a trusted mechanic and have the issues fixed.
Next, practice preventative maintenance. Make it a habit to check your car’s fluids and filters before stepping out. Making sure that the engine oil, water, and filters are all set will reduce wear and tear and save you from major car problems and associated expenses.
Conscious Fuel Efficiency
How much you spend on fuel depends not just on the fuel’s market price. You can get more mileage from the same quantity of fuel with a few conscious tweaks in your driving habits. Here is what you should do:
Car speed –Car speed is directly proportional to wear and tear and efficient fuel consumption. When you drive at a high speed, the vehicle’s engine burns more fuel. While the aerodynamics of every car model is different (some cars are more fuel efficient), generally, it is recommended that you drive at 55 to 60 mph. Similarly, driving at a high speed puts more pressure on the engine and other car parts. Thus, they wear out more quickly and need replacement. Driving your car at the recommended speed ensures the longevity of your car parts, thus reducing maintenance costs.
Avoid bumpy and curvy roads –It goes without saying that the smoother the road, the more fuel-efficient your car will be. Avoid taking shortcuts through roads that are under construction and have frequent turns or speed breakers. Your car consumes more fuel when constantly slowing down and speeding up to accommodate the road. Moreover, bumps and turns wear down your engine and brake pads faster.
Use the right fuel– Using the right fuel can increase your mileage and decrease costs. In Canada, octane ratings include 87 (Regular), 89 (Mid-Grade), 91 (Premium) and 94 (Super Premium). These ratings are displayed in large black numbers on fuel stations. The higher the octane rating, the more efficient the fuel is. However, that doesn’t mean you should start putting Super premium in your 1980 Volkswagen.
Use the fuel type recommended for the vehicle by the manufacturer. Usually, cars with higher combustion engines require high-octane fuel. The rule of thumb is NEVER to use a lower octane fuel than recommended. Moreover, you can go one point higher than the recommended octane for longer distances. For example, a higher-octane fuel will likely give you better mileage if you are driving from Calgary to Winnipeg via the highway. Within the city, however, higher octane fuel will not make much of a difference.
Mindful Driving
There are a few tips and tricks that can help you decrease fuel consumption and car wear and tear. These are:
- Know when to turn off the AC– Open your windows if it’s a nice day out, and turn off the AC to save fuel.
- Keep your windows up– If you are on the highway, keep your windows up. The reason is that the wind puts pressure on the engine in open areas at a fast speed. Keeping your windows closed reduces this pressure and saves on fuel. You can save up to 20% on fuel consumption with this handy tip.
- Make sure your tires have the right air pressure– Maintaining the right tire pressure for your car also saves on fuel.
Conclusion for Top Tips to Effectively Manage Your Car Costs
Cars are essential. They save us time and money. Most importantly, they allow us flexibility and ownership – we can move from one place to the other as desired. However, these useful vehicles can become costly if not maintained properly. To drive your car with confidence, make sure to follow the cost-saving tips mentioned above.
We recommend doing in-depth research when purchasing a car – choose a fuel-efficient model and a car that has no major functional issues. Secondly, understand your car’s problems from the get-go. Every pre-owned vehicle will have some issues, understanding the problems with yours will help you engage in preventative maintenance and find timely and cost-friendly solutions.
In addition to this, you must also decrease fuel consumption by driving at 55 – 60 mph, avoiding bumpy and curvy roads, and choosing a fuel with the right octane rating for your car. Finally, practice mindful driving by maintaining the correct air pressure in your car tires, turning off the AC when possible, and keeping your windows up on the highway.
These small tips will help you decrease your fuel consumption and car wear and tear, saving you big bucks in the long run!
