Saving on the Cost of Your Vehicles

Having a vehicle can fit into the category of convenience and privilege. You have somewhere that you need to go. You use your vehicle to get there. However, with this convenience, there is always going to be a cost. And the price of a car is nothing to sneeze at. It can actually be one of the most expensive aspects of your life. That’s why it’s not a bad idea to prioritize saving on the cost of your transportation.

Think of the few ways that you could save on these holistic costs as related to getting you from one place to another. You can save money by buying used parts or even used engines for your vehicle. You could buy several junkers in series rather than buying a nice car. You could keep the total cost of a vehicle in mind, which means paying attention to things like gas mileage and maintenance costs. And, you can keep in mind that yearly insurance costs can play a big part in the overall expense.

Used Parts and Engines

If you want to save or you’re a DIYer, maybe you’d like to purchase used parts to repair your vehicle with. If you’re going to go to an extreme, perhaps you can even buy a used engine! If you like the body and the rest of the vehicle, swapping out an engine can be a financially responsible way to continue operating your car, or potentially even upgrading it. It all depends on how much time you have to spend on the re-insertion of the engine into the vehicle’s body.

Buying Junkers In a Series

A great way to save money on vehicles is to buy junkers one after another. A new car, or even a used one in good shape, can be costly. However, if you continually buy the least expensive car that you can and just use it until it falls apart, you can save many thousands of dollars over time. You just have to accept the fact that it might have a significant amount of cosmetic damage.

Keeping Total Cost In Mind

If you’re trying to save on the cost of your vehicles, it’s crucial to think regarding total cost and not just price tag. For example, when figuring out the total cost of the car, you have to think about the prices of gas, maintenance, and other factors that go into upkeep beyond just the initial value of the vehicle.

Being Mindful of Insurance Costs

Insurance is another big factor in the cost of a car. This is incorporated into the total cost but deserves secondary consideration. Because insurance costs can go up or down depending on your coverage and your driving record, you need to make sure that you keep all of your options on the table to think long term about this decision.

Jerry Kirkham is an investment professional, and like every investment professional, he makes mistakes. Jerry encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at Essential Savings, or anywhere else Jerry may write is an invitation to buy or sell any particular security; at most, Jerry is handing out educated guesses as to what the markets may do.