Cheap transportation such as buses, trams, and trains are available in major areas, many still prefer to buy their own car, whether for business or convenience, or both. True enough, having your own car has its own share of benefits. You can go anywhere, anytime, without having to worry about being late to work or meetings.
Refinance your car loan
Your existing car loan may have high interest rates, consider refinancing to reduce your payments.
However, having your own car doesn’t come cheap. The monthly car costs alone can account for a sizeable chunk in your monthly budget. The good thing is, there are ways to cut down your monthly car costs. Learn how in this article:
Refinance to reduce your monthly repayments
Your existing car loan may have high interest rates, increasing your monthly loan payments. If this is the case, consider refinancing to reduce your payments. You may want to get a loan for a longer term for lower monthly repayments. Take note that no matter what the term is, refinancing your auto loan to take advantage of a lower interest rate can affect the actual cost of your vehicle.
Look for a vehicle that’s energy-efficient
When buying a car, it is also important to think about transportation costs in the future. Having said that, you may want to consider purchasing an energy-efficient car. The upfront price may be much higher compared to other models, but you can get lower transportation costs every month in the long term.
Keep your car in tip-top shape, and your car insurance updated
We need to make healthy food choices and exercise regularly to maintain the right weight and keep illnesses at bay. The same holds true for your car. It is important that your car is in good working condition at all times. Also, re-evaluate your auto insurance policy when you’re about to renew it, as personal circumstances may affect your car coverage.
Take the public transit
Reduce your monthly car costs by taking the bus or train whenever possible. It’s cheap transportation that’s also convenient. You don’t have to worry about parking or spend money on gas and other car-related costs. Going car-less one or two times per week will also be beneficial to the environment.
Consider ride sharing
Aside from public transit, you can try ride sharing or carpooling. Check if you have a neighbor who works in the same part of the town, or a colleague who lives near your house. Another option is to check carpooling sites that can connect you to drivers and other carpoolers.
Got other ways on cheap transportation and how to reduce monthly car costs? Share your ideas in the comments section.