Ten Tips to Lower Driving Expenses
The average driver using a new car can expect to spend $8,121 this year to rack up 15,000 miles on it, or 4 percent more than the $7,823 it would have cost last year, according to AAA. The main culprit is spiking fuel costs.
Here some tips every driver can take to help lower driving expenses.
Study Depreciation RatesA vehicle's depreciation rate can be a better indication of long-term value than its sticker price. "What you pay for a vehicle doesn't matter. It's how much the car depreciates," says Michael Calkins, manager of approved auto repair for AAA in Heathrow, Fl.
Optimize Insurance Coverage"Do you have the right insurance for your life situation? You don't need collision coverage for a 15-year old vehicle," Calkins says.
Specific Vehicles for Specific TasksHouseholds with multiple vehicles can cut costs by using the smallest, most fuel-efficient vehicle whenever possible, like for running an errand or commuting to work. Save the larger car, van, SUV or truck for when they're really needed.