12 ways you’re wasting money on your car
by Gail Vaz-Oxlade, for Yahoo! Canada Finance
Thursday, August 19, 2010
Do you love your car? Have you named it? Do you treat it like a baby? Are you obsessed with polishing it, adding accessories, and parking so no one dings your paint job? Or are you more like me: I know nothing about cars except that they’re a way to get from point a to point b. I don’t sweat the dings and bumps. And I only wash my car as an excuse to play with the hose.
Whether you’re a car devotee or clueless about what’s happening under the hood, you could be wasting tons of money. And if you’ve yet to set up your emergency fund or start your retirement savings, these could be the very places you find some money to buff up your financial picture.
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Read more from Gail on Yahoo! Canada Finance 1. At the car wash. Can you believe what a car wash costs? Every time I drive through the gas station that offers a car wash and see what they’re charging I shake my head. If you’ve got a bucket and some soap and water at home, why would you fork over $10 or more to have a machine wash your car. Why not turn it into a family affair, bathing suits and all, and have a car-washing-soap-and-water fight with the kids.
2. At the air pump. Tires that need air use more gas and wear out more quickly. Don’t over-inflate though. That can be dangerous since not enough rubber hits the road to keep you safe.
3. At the gas pump. Rumour has it if you use only the best gas your car will need fewer tune-ups and get better mileage. Yes, if you’re driving a high-performance vehicle, you need super-de-dooper gas. But most of us don’t, so don’t waste your money. According to thems that know, the difference between 87 and 93 octane is so small that you won’t get better mileage or see lower maintenance bills.
4. At the garage. According to Natural Resources Canada Office of Energy Efficiency Auto$mart Thinking program, a well-tuned engine alone can improve fuel economy by up to 4% while a poorly maintained vehicle can increase fuel consumption by up to 50%. If you aren’t keeping records, how will you know when someone’s trying to talk you into a tune-up you don’t need?
5. Your car insurance company. You wouldn’t make an insurance claim for less that $1,000 so why not raise your deductable that high and boost your emergency fund. Make the call to your insurance company and see just how much you could save.
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6. On the road. Cars are most economical at about 100 kph. Driving faster uses up more gas. According to one European study, rapid starts from traffic lights and hard braking consumes 39% more fuel. And accelerating and braking is not only hard work on the car, it’s tougher on you as a driver. So relax, which brings me to…
7. On your dashboard. I love my cruise. It keeps my pace even, eliminates my sometimes leaden foot and makes my ride that much more comfortable. Just don’t turn it on when it’s pouring since there have been problems with cruise control causing hydroplaning.
8. In your driveway. Are you still “warming up” your car? You let your car sit there burning gas going nowhere? So you don’t think your mileage is crappy enough? According to Transport Canada, if every Canadian motorist reduced idling time by just five minutes a day, carbon dioxide emissions would be reduced by 1.6 million tonnes per year. Whew!
9. On the road. If you never ask for directions, choosing instead to drive around missing the mark and driving up your car-mate’s blood-pressure, you’re wasting money.
10. Inside your car. If you refuse to turn on your air conditioner because it wastes gas I have some cool news for you. While A/C makes extra work for the engine, increasing the amount of gas you burn, most air conditioners are very efficient so around-town driving using the A/C will reduce fuel economy by about a mile a gallon. The highway is a different kettle of fish. Since driving at higher speeds with the windows down greatly increases drag, using your A/C is the more efficient choice.
11. At home. If you’re one of those people who don’t plan your trips, you’re wasting time and money. You know who you are: You need milk, you jump in the car. Your kid has hockey practice, band practice, skating practice, you jump in the car. You forgot to get the gezunta that goes with the whatchumacalit, you jump in the car. Since trips of less than five kilometres don’t usually allow the engine to reach its optimum operating temperature, particularly in the colder months, you burn more gas.
12. In your trunk. Are you one of those people who drive around with your trunk full of crap? For every extra 45 kg (100 lbs) you carry in your vehicle, your fuel efficiency can drop by 1-2%. If you’re not using your roof rack, take it off. Not only is there a weight factor, it affects the aerodynamic efficiency of your vehicle reducing your fuel economy by as much as 5%.
Gail Vaz-Oxlade is host of Til Debt Do U$ Part on Slice and Global TV in Canada and CNBC in the U.S. She is now in production on a new series called "Princess," which will start airing this fall. The author of 13 books on money, Gail's latest book, Debt-Free Forever, is a best-seller in Canada and was released this past April in the US. Gail writes regularly for Yahoo! Canada Finance. |
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