Highway to Wealth: 10 Car Resolutions That Could Save You Thousands
Written by
Jordan Rosenfeld
Edited by
Ashleigh Ray
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It’s almost that time of year for making resolutions. While many people make New Year’s resolutions about their health and their finances, what if this year you make resolutions about your car?
That’s right, your car! Some simple changes, actions and strategies around car maintenance, purchases and habits could save you big money in the coming year. Experts explain 10 car resolutions that could save you thousands of dollars.
Adopt Fuel-Efficient Driving Habits
The way you drive can impact fuel consumption significantly, according to Joe Giranda, director of sales and marketing for CFR Classic.
“Quick starts and sudden stops, speeding and idling for long periods can drain your fuel tank faster,” he said.
If you want to save money on gas, he suggested, “Embrace smoother acceleration, stick to speed limits, and turn off your engine during prolonged waits.”
As a bonus, Giranda said, it’s not only better for your wallet, but it’s also kinder to the environment.
Change Your Driving Practices
Similar to the previous tip, CEO of DriveSafe Driving Schools, Tariro Goronga recommended drivers avoid aggressive practices like abrupt braking and acceleration.
Not only will this keep you and others safer, he said, but “[it’s] one of the simplest ways to save money on gas. You can increase your fuel efficiency by up to 20% on highways by keeping a steady speed and using cruise control.”
Changing how you drive may also cut down on the number of miles you drive. By organizing your travel and combing errands, Goronga said you’ll save money on gas too.
Get Regular Maintenance
Don’t wait for your car to breakdown to get it serviced, Giranda urged. “Preventive maintenance is your best defense against big-ticket repairs down the line. Keep a regular schedule for oil changes, tire rotations and brake inspections.”
By attending to small issues before they escalate, and getting regular tune-ups, you can potentially save a fortune in future repairs.
Consider Tire Health and Alignment
A simple problem that can lead to significant wear and tear and even poor gas mileage is improperly inflated tires and worn-out tread, according to Giranda. Make sure you’re getting your tires rotated frequently and replace them if they’ve worn too thin.
“Also, ensuring your car’s alignment is in check can prevent tire damage and extend their life, saving you from early, costly replacements.”
Think About Going Green with Your Next Vehicle
If you’re in the market for a new car, consider a hybrid or electric vehicle in 2024.
Giranda explained, “While the upfront cost might be higher, the long-term savings on fuel and maintenance are substantial. Plus, there might be tax incentives or rebates available.”
Compare Insurance Quotes
One of many necessary expenses for cars is auto insurance. But don’t just take the first price you get, suggested Jessica Chase, vice president at Premier Title Loans. Shop around.
“Auto insurance can have a range of prices,” said Chase. “Therefore, it’s crucial to search about and compare prices before choosing insurance.”
When searching for the best auto insurance, Chase said it’s good to explore the various kinds of coverage that are offered.
“For instance, liability insurance will only cover losses incurred if you cause an accident. You must get collision or comprehensive coverage if you wish to be covered in the event of an accident in which you are not at fault.”
Make sure you obtain prices from several insurance providers. “Prices differ significantly between businesses, therefore it is wise to compare prices,” she added.
But most importantly, don’t forgo coverage to save money; that could cost you more money if you ever get into an accident.
Consider Carpooling or Public Transportation
If you live somewhere that has good public transportation, or you can arrange a carpool with friends or coworkers, try working out a way to avoid driving yourself every day.
Stamatios Zotos, a mechanic and owner of Zotos Rent a Car, said, “This can significantly reduce wear and tear on your vehicle, as well as fuel and parking expenses.”
Avoid Unnecessary Trips
Do your best to combine errands into one trip to avoid unnecessary driving, Zotos recommended. “This not only saves on fuel but also reduces the mileage on your car.”
Refinance Your Car Loan
Especially if interest rates drop, or your credit score has improved, the New Year is a great time to look into refinancing a high-interest car loan, Zotos said. “A lower interest rate can save you a lot of money over the life of the loan.”
Buy a Used Car
This could be a great year to buy a used car instead of a new one, Zotos said. “Let someone else take the depreciation hit. A well-maintained used car can provide the same reliability as a new one at a much lower cost.”
Implementing these resolutions requires discipline and a bit of planning, Zotos said, but the potential savings make them well worth considering.
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