Ways to Save Money - Reduce Transportation Costs

Ways to Save Money - Reduce Transportation Costs

• You should rarely buy a new car -- The reason being once you drive a new car off the lot, it will depreciates significantly.  A very high percentage of the total depreciation that occurs over a car's life occurs when you drive it off that lot.  You should buy a car that is a year old and you will pay close to what the car is actually worth.  The person who owned the car before you pays for all that depreciation.
• You should hide your trade in from the car salesperson -- In order to maximize the profit the sales person will offer you less for your trade-in if you manage to effectively negotiate a lower price for the new car that you are looking to purchase.  What you can do is hide your trade-in from the salesperson by parking around the block, etc., and refuse to discuss or negotiate the trade-in price until you have negotiated the price of the new car.
• Check out insurance rates before you buy -- You should do some research and see what insurance company will give you the best rates.
• Improve your credit score and lower your insurance premiums.
• Don't buy a gas guzzler -- The amount of money the owner of a small economy car has to spend on gasoline each month is significantly less than what the owner of a gas guzzling SUV has to spend.
• Wash your own car -- This is self explanatory. Wash your car yourself and save yourself money.
• Maintain your vehicles -- Spending $50 to maintain your vehicle can save you $800 or more in future repairs. You should follow your vehicle manual's recommended maintenance schedule religiously. If you can do this service yourself that would save you even more money.
• Empty your trunk -- If you habitually carry around heavy objects in your trunk or back seat, you're adding about $200 to your annual fuel costs.
• Buy a car with a high residual value -- Most cars depreciate significantly after they are purchased, losing almost half of their value within two years.  Buying a car with a high residual value (35% or more) means you might get significantly more when you sell it or trade it in five years from now.  Find out your car's residual value at www.edmunds.com. Do research before you buy.

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