Here in Phoenix, almost 95 percent of households own at least one car, while many own as many as two or three. In a large, city like Phoenix, with a size of approximately 9,000 square miles, it is almost a necessity to own a car. In a town where 20-minute commutes are standard, walking is unrealistic. If owning a car is a necessity, the costs associated with owning a car are just going to have to be a part of your life. In today’s blog, we are going to talk about the costs of owning a car and steps you can take to keep those costs down.
If you are leasing your car, you will establish the terms of your lease when you sign the initial paperwork. If you buy your car, there are several steps you can take to minimize your car payments. First off, a bigger down payment will reap huge rewards. It will mean paying your car off faster, and minimize interest payments. You can also keep your car payments down by manipulating the length of your loan. A longer loan means smaller monthly payments, but more interest over the duration
Repairs and Maintenance
If you lease your car, the price of repairs and maintenance will be built in. If you purchase your vehicle, repairs will be on you once the warranty expires. We recommend keeping up on your maintenance. Take your car to the mechanic on a regular basis. You want to catch minor issues before they have a chance to develop in catastrophic problems. $100 in regular maintenance could be worth $1,000 in repairs down the line. Establish a good relationship with your mechanic. Let them know you are looking for a garage to call home, and they will treat you right.