Personal Finance: 5 Ways To Budget For Car Expenses

Personal Finance: 5 Ways To Budget For Car Expenses
When owning a car, one will realize quickly how expensive it is to maintain the vehicle and pay insurance. Of course, when budgeting properly, one can anticipate these expenses and have no problem making payments and affording other costs related to vehicle ownership. Luckily, with these five tips, one can budget for future car expenses.

Cheap Insurance:

When buying insurance, many are too loyal to their current company. While this is not bad in itself, a customer should look around to find the best deal. To combat this and save some money, one should find out more about auto insurance by shopping around and obtaining multiple quotes. When doing so, one can afford their car related expenses without trouble.


When looking at the owner’s manual, one should peek at the maintenance schedule. When looking ahead at this expense, one can budget accordingly. Luckily, with a new car, one should not have to spend much money except getting oil changes.

Fuel Economy:

Ideally, whether buying a new or used vehicle, one should look at the fuel economy rating of an automobile. When driving a small and efficient car, one can spend less money on fuel. On the other hand, when driving a large truck or sport utility vehicle, a driver will pay through the roof for gas. While one should consider other factors, it is crucial to find a vehicle that does not burn too much fuel. To save even more, a driver should use his or her smart phone to find the best gas prices. With apps like Gas Buddy, one can save a few dollars every time he or she visits the pump.


Many motorists choose a car based on looks or horsepower. While it is nice to have a fast and beautiful car, one should make sure that his or her favorite automobile is reliable. When driving a dependable vehicle, one can avoid massive repair bills in the long run.


Often, after falling in love with a car, one will do anything to take it home. Unfortunately, in a haste to leave the lot, some people get taken advantage of and pay a high interest rate for their loan. Instead, a customer should shop around for the best interest rates as it will save him or her hundreds of dollars over the life of the loan.

With these five tips, one can budget for their car purchase and save money in the process.