Tired of overpaying for your car? Are you ready to give up on car ownership in general? These days, it’s not uncommon to feel at odds with your vehicle. From exorbitant fuel costs to high-priced repairs, there is no denying that car ownership is one expensive endeavor in 2022. Not to mention, the cost of buying a new or used car has reached record heights in the last 12 months.
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It seems like a no win situation. Luckily, we’ve found a few tips and tricks for drivers to try. If you plan on sticking out the bad times, here are 3 ways to save on auto expenses in 2022.
How can I save on auto expenses?
AAA reports the current national average for gas is $4.24. However, states in the western region, like California, Oregon, and Arizona, are experiencing spikes as high as $5.91. These excessive fuel costs are reason enough for car owners to drop off their current vehicle at the nearest dealership and switch to an electric model instead. Unfortunately, this is easier said than done. With used and new car prices at an all-time high, buyers don’t feel the urge to overspend.
Therefore, we suggest reviewing our top 3 ways to reduce auto expenses in 2022. They may appear simple at first, but these tips are proven to help drivers breathe a little easier when payment time comes around each month.
1. Refinance your auto loan
With the way of the world right now, you might think refinancing is not your best move. However, many banks and dealerships are still offering relatively low to good interest rates at this time. Although these rates are not comparable to early COVID era, it’s still worth checking into if you’re overpaying from a previous high rate. Reports show loan refinancing will endure a 25% peak this year, so you’ll want to make a decision fast to save on auto expenses this year.
2. Learn to do small maintenance repairs on your own
Along with food and gas prices, the cost of repairs has gone up significantly over the last year. This means, a simple yearly maintenance visit could break the bank on any given week. If you’ve gotten in an accident recently, expect long delays for car parts thanks to the chip shortage as well. Overall, if you can responsibility prevent a trip to the auto shop, you’d be doing yourself a favor. Browse our list of the easiest DIY repairs to get yourself started.
3. Plan your trips ahead of time
Most days, you hop in the driver seat whenever you need to make a quick errand or feel up for a day at the beach. But why not consider planning your time in the car all at once? Cutting back on the number of times you drive each day could help save on auto expenses in the long run. For example, go shopping in an area where every store in located close to each other. Another idea is to carpool or take the eco-friendly routing option each time. Even though you want your freedom, this is a simple way to save.
Final thoughts on how to save on auto expenses
In the past, our biggest suggestion for saving money would be lowering your car insurance policy. But even that auto expense is on the rise in 2022. You might feel hopeless about the expenses piling up, but perhaps the best thing you can do as a driver nowadays is reduce your time on the road. We hope these 3 tips offer financial relief in 2022.
Want to learn more about DIY auto repairs? Here’s our list of every DIY repair and maintenance that drivers should know.