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Financial Tips on Auto Savings

By SDCCU , 01.10.2014 Financial Education
young woman drives off in her new car Financial Tips on Auto Savings
While some people can get by without a car, most of us in San Diego definitely need one in our daily lives. There are quite a few ways that cars cost money, but three of the biggest expenses are gas, insurance and auto loan payments.

If you’re looking for ways to save money in your everyday life, your car is a great place to start. While some people can get by without a car, most of us in San Diego definitely need one in our daily lives. There are quite a few ways that cars cost money, but three of the biggest expenses are gas, insurance and auto loan payments. Here are some easy tips to save big on all three.

Gas

We’ve talked about ways you can avoid some pain at the pump by filling up at the cheapest stations, but there are a few simple ways to make a gallon go farther. First, keep your tires inflated to their full, factory recommended pressure. Flat tires create more drag and waste more gas than you might think. Next, don’t speed! Speeding is not only unsafe, but an unnecessary gamble with a costly speeding ticket. It also wastes of gas. For most vehicles, 40 to 60 miles per hour is the sweet spot for maximum fuel efficiency. Try to stay in that range wherever the speed limit and current driving conditions permit. Besides, the time you’ll save from speeding is not even worth it. If your commute is 10 miles, driving at 75 mph instead of 65 saves you 3 minutes but equates to paying an extra 54 cents per gallon of gas. Lastly, drive less. Walk or ride a bike whenever you can! It’s better for your health, for the environment and for your monthly gas expenses.

Insurance

The auto insurance market is extremely competitive and there are a lot of companies that want your business. This means you should shop around every so often to see what sort of savings you can get by switching providers. If you have a household of drivers with different insurance policies, you may get a big discount by combining them under the same provider. Again – drive less! On top of saving gas, you’ll save on auto insurance because your rate is partly determined by how much you drive every year. Finally, get the right policy for you. If you’re comfortable with the risk of a higher deductible in the unfortunate event of an accident, you’ll pay a lower premium. This might be well worth the savings if you’re a safe driver. And you’re a very safe driver now that you don’t speed anymore, right?

Auto Loans

The auto lending industry is also very competitive. Auto loan rates are at historic lows, so the potential savings on a new loan or refinance could be substantial. Auto loan rates at credit unions tend to be about 1 percent to 1.5 percent lower than banks and SDCCU consistently offers some of the best. There’s no reason to keep paying higher interest charges than you have to. Apply for pre-approval today for a refinance or a loan on a new purchase and see how much you really can save. While finding a great rate is the necessary first step, SDCCU also has an amazing FREE Auto Buying Service¹ to help make the purchase experience incredibly painless! An Auto Buying Specialist will take down the details of the new car you want, locate the right match, negotiate the best price for it and deliver it to your nearest SDCCU branch. It doesn’t get much easier than that. You can enjoy the fun part of auto buying and let SDCCU handle the rest.

¹Auto sale and brokerage services provided by SD Auto Sales/Leasing.

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