How to Stop Your Car From Becoming a Money Pit

Jan 14, 2019Lifestyle

how to stop your car from becoming a money pit

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For many people, a car is vital for getting around. Without one, you would pretty much be stuck at home, unable to have a social life or even go to work.

But just because you have to own a car, it doesn’t mean that it should suck your bank account dry. If your car is turning into a money pit and is at risk of leaving you penniless, you need to do something about it.

So, what can you do to save money and stop your car becoming a huge financial burden? It could be time for a new car, or there are some other options if you want to save.

how to stop your car from becoming a money pit

CONSIDER A NEW CAR

Before you start thinking about other ways to save money on your car, consider whether it’s time for you to sell up.

At a certain point, the money you’re spending on your car isn’t worth it anymore, and you could save by trading it in for a new one.  If you’re faced with a huge repair cost, and the potential for more big repair costs in the future, it might be time for a new vehicle instead.

When you get to the point where you’re spending more on repairs than you would on the monthly payment for a new car, is there really any point in holding on to the car you have?

CHOOSE THE RIGHT CAR

If you do decide to buy a new car, making the right choice is important if you don’t want it to cost you too much.

Try looking at the cars that depreciate more slowly so that the value of your new car doesn’t drop too drastically. You also want a car that won’t require too much maintenance, and perhaps one that has good fuel economy too. It’s also worth thinking about insurance, as some vehicles could be more expensive to insure than others.

If you buy a used car, be very careful about your choice.

HOW TO STOP YOUR CAR FROM BECOMING A MONEY PIT

REASSESS YOUR MONTHLY COSTS

When your car is costing you too much, looking at your monthly costs could be a smart decision.

You might have a payment for the car itself, insurance, fuel costs, and maintenance and repair costs too.

Start by looking at your insurance premium. By switching to a provider like Geico auto insurance, perhaps you could save some money each month.

You could save on repairs and maintenance by taking more preventative measures, helping you to avoid expensive repairs.

Even fuel can cost you less if you drive less or make your vehicle lighter.

REDUCE WEAR + TEAR

Reducing wear and tear on your car can help you to spend less on maintenance and repairs.

If you take care of your vehicle, you can keep your car going for longer and ensure there is less daily wear and tear. Handling your car gently can do a lot for it, so go easy on the brakes and avoid yanking on the steering wheel too.

Stick to your car’s maintenance schedule and it will make a big difference.

HOW TO STOP YOUR CAR FROM BECOMING A MONEY PIT

Your car doesn’t have to drain your bank account.  If you want to save money, you just have to take a few steps to cut back on your expenses.

Any tips to stop your car from becoming a money pit?  Drop a comment below!

Best,

[a contributed post]

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