May 25, 2024

5 Money-Saving Tips for New Car Owners

Woman in a car. Lady in a white t-shirt. Famale hold the keys in her hands.

More than a century since the first car was made, American car buyers’ tastes and purchase avenues are beginning to highlight efficiency and faster transaction times. However, a Deloitte survey also found that despite these advancements, 32% of car buyers still did no research at all on financing options for their purchases.

This shows that despite changes in the car buying landscape and the long history of car use, there are still blind spots for new car owners when it comes to car-related finances. To help with this, we listed down 5 tips for new car owners who want to save money on their new vehicle.

Use the right tires

A common misconception regarding vehicle tires is that tires are suitable as long as they can be attached. However, tires that are even slightly too short, too thin, or too tall can lead to major problems that can be costly or worse, dangerous.

Hankook Tire commercial manager Carlos Cruz stresses the importance of prioritizing details when changing or modifying tires. Otherwise, the wrong size tire can confuse your speedometer and even cause damage to your vehicle’s anti-lock braking systems and stability system calibrations.

This could risk further damage to your vehicle’s suspension system, wheels, and the tires themselves, meaning more parts to fix and more risks of an accident.

Check your tire pressure

Besides the right size, tires also need to be properly inflated. Underinflated tires do not only negatively affect your car’s handling — increasing the risk of blow outs and costly accidents — but also cause you to wear through their tread quicker and reduce your gas mileage. Review your car’s recommended tire pressure in the owner’s manual, and always go for a tire air pressure check whenever you fill up your tank.

Pick the right auto insurance

In the case of an accident or faulty tire, it can help to have auto insurance on hand. However, not every insurance package is created equally, which is why it’s important to pick the right one. The auto insurance articles on Sound Dollar show the wide scope of options, from auto repair insurance to comprehensive auto insurance for non-collision-type damages.

Different types of auto insurance cater to different cars, hence why auto repair insurance may generally only be available for newer models. There are also other auto insurance packages that specialize in natural and weather-related damage, or even medical and property damage. Before selecting your auto insurance, it’s also best to review your driving history and consider factors such as where you live, the condition of your car, and your deductibles.

Invest in regular maintenance

With the right insurance, regular maintenance will be significantly cheaper too. This could save you from unwanted and compounded vehicle problems in the future, which will be much more costly to fix.

Autolady Synergy on Medium adds that regular maintenance also reduces fuel costs — one of the top expenses as a car owner. In best case scenarios, doing so could even give you 4% to 40% more gas mileage. It even reduces the depreciation value of the car, and could lead to better resale value.

Carefully choose your car services company

Similarly, regular servicing is advisable in order to ensure that all the car components are in proper working order. This reduces the time that you spend in the auto shops, while saving on repair bills as well.

In our previous article on Choosing a Car Services Company, we advise getting quotes for all the different services that they offer. This can be done face to face, and even online to save time, as long as you can ensure that the service company is able to carry out a visual inspection. That way, you’ll no longer need to visit a garage to get the car serviced.

With these tips, new car owners can guarantee their car’s top condition for the foreseeable future. Proper care and management of your care could not only save you money, but also ensure safer travels. For more information do check out our other auto articles on Smart Auto Accessories.

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