(StatePoint) With rising gas prices and rising inflation straining finances, drivers are looking for ways to save on the cost of car ownership. On average, it costs between $15,000 and $24,000 to own a car over a five-year period, including fuel, maintenance, insurance, repairs, financing and state fees .
While some of these costs are out of your control, here are five things you can do to lower the cost of car ownership:
1. When buying a vehicle, compare prices at multiple dealerships and research factors that will influence the cost of ownership of a particular car model, such as its fuel efficiency, as well as the estimated cost of repairs and full-line part replacements.
2. Scour local gas stations for the best price and consider becoming a member of grocery store rewards that offer fuel benefits. Some gasoline brands also have rewards programs, many of which are accessible through smartphone apps.
3. Consider creating a savings account for car-related expenses. Allocating a portion of your income to automotive needs will help you cover expected and unexpected costs.
4. Drive carefully and more consciously to save fuel. According to the U.S. Department of Energy, “Observing the speed limit, accelerating and braking smoothly and gradually, and reading the road ahead can improve your vehicle’s fuel economy by 15% to 30% at highway speeds.” and 10% to 40% in stop-and-go traffic.
5. Talk to your insurance agent to make sure you get all the car insurance discounts you deserve. Erie Insurance offers a wide range of discounts and money-saving features, such as first accident forgiveness, lower deductible, reduced use, young drivers and students. They also offer a discount for bundled policies and have an app called YourTurn that can reward you for safe driving. Drivers can earn up to $20 per month in gift cards. To learn more, visit erieinsurance.com.
“We know that in an era of rising prices, people are looking for ways to lower the cost of car ownership, and insurance is a place to start,” said Bob Buckel, vice president, Personal Auto, Erie Insurance. “Looking for a plan that gives you exactly what you need and nothing you don’t means you’ll be protected without paying more than you should. This is the perfect time to contact your independent insurance agent to review your policy and discounts. »
While the future of inflation rates and gas prices is uncertain, the good news is that there are creative ways to lower the cost of car ownership so you can enjoy the road.