Money-saving tips to help you better manage your finances where your vehicle is concerned are popular. However, not every tip is a valid tip. Some tips are just myths. If you have a focus on finance, you need to be able to recognize the tips that will save you money and those that you should ignore. Here are five popular myths debunked about money-saving tips.
1. Premium Gas Gives Better Performance
You may have heard that higher grades of gas will help to protect your vehicle against wear and tear and give you better gas performance. That is a myth. All that will do is hurt your financial plan. Premium grades of gas are more expensive, and there is no evidence that they improve performance. Additionally, the next time you fill up, check your gas cap. According to Brandon Gaille, a loose gas cap can cause your check engine light to come on and is the cause of over 147 million gallons of gas evaporating each year.
2. Oil Changes Every 3000 Miles Are Best
While it is true you should have your oil changed frequently, changing it every three thousand miles is not necessary. Most newer cars can go up to 5,000 miles (about 8046.72 km) without an oil change. Changing the oil every three thousand miles will not save you on maintenance costs or reduce the risk of breakdowns. A better way to address potential problems is to plan to meet the financial obligations of repairs and maintenance by putting $50 to the side every month. According to AAA, saving money for maintenance is a better plan than changing oil too frequently.
3. More Insurance Coverage is Better
Every state has insurance coverage requirements. For example, according to the Wisconsin DMV, drivers need to have $25,000 in liability coverage. However, many drivers increase their coverage way beyond the minimum. More insurance coverage comes with much higher premiums. It is essential that you evaluate your driving habits before you take out higher coverage. Some people never have a car accident and pay hundreds of dollars more than they need to each year for coverage.
4. Aftermarket Fluids to Improve Mileage
Aftermarket fluids that are meant to give you better gas mileage are a myth. Your vehicle is designed to offer X number of miles per gallon, no matter what you add, you will not increase the amount of mileage you get per gallon of gas. Maintenance, checking tire pressure, and how you drive will affect the amount of gas mileage you get. Aftermarket “boosts” will just affect your finance plan by costing you money that is wasted.
5. Used Auto Parts Save Money
The myth about saving money on used auto parts is partially true and partially false. If you buy an auto part that has been rebuilt, that is different than taking an auto part off a car sitting in a junkyard. There is a risk factor when you buy used auto parts that could affect your finance plans. It is a crap shoot if the used auto part is going to work and more importantly for how long that part will work. You may wind up spending more money if you buy a used auto part because you may have to replace the part sooner than if you bought a new one.
Every tip that you find about how to save money on your car is not going to be a valid tip. It’s strongly suggested that you do a deep dive into any tips you want to apply before you apply them. Check the validity of the tip and the source from which it came. Learn more about how to manage your finance plan and save money from a reliable source.