6 Ways Your Car Could be Losing You Money

February 21, 2023
 By Erin H.

Owning a car is a significant expense. From maintenance to fuel, ownership can cost a lot of money. Unfortunately, there are ways car owners could lose even more money if they are not aware of them. Here are some common ways your car could be losing you money.

1. Inadequate Fuel Efficiency

If your car is not maintained correctly, there is a good chance your fuel efficiency is suffering. This means you are spending more money than you need on fuel to get the same results. Check with your mechanic or dealership to ensure your car is running at optimal levels to maximize your fuel efficiency.

Some signs of an inefficient fuel system include reduced acceleration, increased emissions, and a decrease in your car’s performance overall. In addition, if you notice you’re spending more on gasoline than usual, it’s time to check out your car.

2. Worn Parts

Nearly 40 million used cars are exchanged yearly in private-party and dealership sales. Some of these used cars might have worn parts that need to be replaced. The previous owner might not have made the necessary repairs. As a result, you may be left with an unreliable car that needs frequent and costly repairs. Make sure to check the condition of any used car before making a purchase and check on the state of its parts.

If your car’s parts are worn out, repairing or replacing them can be expensive. You’ll spend more money on repairs in the long run if you don’t address any issues with your car’s parts early on.

3. Not Lubricated Enough

According to Nerd Wallet, the average vehicle should receive an oil change every 5,000 to 7,500 miles. Unfortunately, many car owners need to understand the importance of this kind of maintenance. It’s essential to check your car regularly and ensure it is adequately lubricated, especially if you’re driving in extreme temperatures.

Failing to get an oil change when necessary can result in costly repairs down the line. Make sure to keep up with your car’s recommended service schedule and have your vehicle inspected every so often to ensure all its parts are adequately lubricated and functioning properly.

4. Unnecessary Accessories

Aftermarket car accessories can be enticing, but they might only sometimes be the best investment for your vehicle. Unnecessary accessories can add up quickly and cost you more money than necessary. Before picking up an accessory for your car, make sure to do some research and figure out whether it’s worth it in the long run.

Installing unique headlights might turn a $15 headlight bulb into a $100 expense. Decide if it’s worth spending that extra money on a car accessory and ensure you’re getting the most bang for your buck.

5. Cracked Windshields

Did you know cracked windshields can quickly become safety hazards? It’s essential to have your windshield inspected at least once a year and replace it if it is damaged. Unrepaired cracks can impair the structural integrity of your vehicle, especially during an accident or other road hazard.

Cracked windshields might be cheaper to repair or replace than other car parts, but failing to act on them quickly can result in additional costs. Make sure to address any broken glass immediately and repair the windshield if necessary.

6. Slipping Transmission

One of the most vital inspections is for your transmission. If your car’s transmission isn’t working correctly, it can cause numerous problems, from difficulty shifting gears to an inability to accelerate. According to Foreign Affairs Motors, you should inspect your car yearly or every 15,000 miles, whichever comes first. Replacing a worn or slipping transmission can be costly, so it’s better to address the issue immediately.

By taking the time to make sure your car is functioning correctly, you can save yourself a lot of money in the long term. Be sure to stay on top of your car’s maintenance, and you’ll be able to save more money in the long run. For more help, call us today!

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