If you are looking to buy a new car, you ought to do it right, since it is one of the life’s biggest expenses. However, it does not have to be so costly if you just follow some simple, yet universal rules for being a frugal car owner. In this article you will find lots of useful tips regarding this topic and you will find out that it is not all about the fuel efficiency. Namely, there are many other factors that determine how economic a vehicle actually is.
First of all, you need to realize that there are various ways to save money when having a car. So, let us start from the very beginning. Choosing a car is not that simple, so do not always go for the looks or a certain brand, because that is not the proper way to save the money. Car’s lifetime is long and it can either become your true nightmare that squeezes all of your money out of your pocket or an amazing product that will even pay off eventually, so you must look far ahead. The smartest thing to do is conduct a thorough research, not just about the car itself, but also about the insurances and maintenance costs. If you do this right, you will realize that fancy wheels are much more expensive than the usual cars, so put your emotions aside and pick the latter option. Another thing you will notice is that used cars are much better than new cars and this is absolutely true. For instance, some cars may lose more than 35% of their initial value immediately and even if it was driven less than a mile, no one would care about it.
Fuel economy is important indeed, especially because prices are growing every single day, so consider this a fairly important factor when buying a car. Also, maintenance, as we have already mentioned, is crucial. For example, a sports car is much more expensive than some regular models, simply because the parts for it are rare, they can’t be found as easily, they are more complicated to repair and many car mechanics tend to avoid them. Even if you manage to find a mechanic who would mess with it, he will rip you off. On the other hand, family vehicles, which are very common, are so cheap to maintain. Another great idea, and a perk, is knowing how to fix stuff on your own. There are many simple malfunctions that can be dealt with easily, but if you pay someone to do it, your car will stop being economic in no time.
Now that you have found a suitable car for you, you are to pay for it somehow. If your choice is good, do not be afraid to get some equity auto finance, since it is a great solution and probably much better than buying the car from your savings jar. The main reason for this is that an economic car will save you up to $1,300 a year, so it is able to pay itself off. Of course, if you manage to keep it in your possession long enough.
The logical conclusion is that the information is your main ammunition when it comes to buying a car, so get to know everything about it before you buy it and do not think of a car as a reflection of your personality and status, but as a tool instead. You want it to serve you, not the other way around. If you understand this, you will have no troubles at all when getting a car for yourself, so play this cleverly and become a real frugal car owner that everyone will envy.