What it Really Costs to Own a Car and How to Make Money to Pay for It
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Did you ever wonder how many cars there are in the US? Every time you’re stuck in traffic and holding back some road rage, it might cross your mind.
In 2018, the number of registered vehicles in the U.S. was 276 million (*). And it’s no surprise. Having a car seems to be a rite of passage for teens and necessary for the commute to work or school for everyone if you don’t have a reliable public transportation system.
And most only think about the initial cost of the car (new or used) but there are 6 other major costs: gas, registration, insurance, maintenance, finance charges, and depreciation.
Edmunds.com reported that the average person in the U.S. spends $483 on monthly new car payments and $361 on monthly used car payments. When you factor in the 6 additional categories of cost, ouch.
However, if you plan to own your vehicle for a long time, the less it costs to operate. Here are numbers from AAA based on a typical new sedan purchased for $33,560 that’s driven 15,00 miles/year.
Year 1: $11,756
Year 5: $7,517
Year 10: $5,914*
Based on these numbers, it just makes sense to keep your car longer.
And with rising costs, it helps to cut back wherever you can or find additional ways to pay for your car. Here’s what we suggest:
1. Affordable Car Insurance Exists – Here’s How You Could Save $610 This Year
You’re sharing the same roads with a lot of different people. Distracted people, oblivious people, road-rage people, etc. It’s best to cover yourself with insurance when everyone is operating a giant motor vehicle.
That’s why car insurance exists and is mandatory. You might be overpaying on your current insurance premium since it can be a hassle finding another provider.
However, you can search for quotes easily on EverQuote. They help match you among dozens of regional agencies and insurance carriers to filter the best matches to save on your car insurance.
It takes about 4 minutes to fill out the form and you’ll see a list of matches that show potential online quotes, email, and potential phone quotes.
EverQuote can save drivers $610 a year on average* compared to their current insurance premiums. Once you see your list of potential matches, choose the online ones you want or wait for more information via email or phone.
It’s a pretty simple process, so try it out to see how much you could be saving on the road!
2. Get the Big Picture – Then Work on Fixing Your Score
It’s smart to keep an eye on your credit score to make sure it doesn’t fall too much due to unpaid bills. Did you know that a low credit score could affect your ability to actually rent an apartment or even get a car? Yea, let’s try to prevent that from happening.
Credit Sesame is a free credit monitoring service that helps you improve and maintain your score.
You’ll get an easy-to-read view of your total debt plus everything that is contributing to your current score like credit usage, credit age, inquiries, and payment history. It also comes with personal recommendations to help increase your score.
Credit Sesame alerted me immediately when my score decreased because of a credit card and I was able to fix it right away. It’s free to use so this is definitely a must-have in everyone’s life.
3. You Deserve $240 Cash Back in Grocery Savings
Did you know that it’s 325% more expensive to eat out versus eating at home*? Maybe it’s time to make more trips to the grocery store instead.
You’ll be aware of all the ingredients in your meal, in addition, you’ll get paid just for shopping!
It’s simple. All you have to do is take a picture of your grocery receipt and Ibotta will pay you cash.
Here’s how it works:
Before you go to the store, search for your shopping list items in the Ibotta app. After your store visit, take a photo of your receipt to get cash back.
Ibotta is free to download and you’ll also get up to $20 in Welcome Bonuses when you sign up!
Some offers we found:
- 25 cents back on any item
- $3 – $5 back on various wine
- $2 back on KIND Protein Bars
- 25 cents – $4 back on ice cream
- $2 back on Herbal Essence Haircare
Popular stores are Walmart and Target, but Ibotta also works at restaurants, online shopping sites, and at the bar! On average, active Ibotta users save up to $240 a year or more. What would you do with that extra money?
Welcome Bonus: Up to $20
Average savings a month: $20
What it could add up to in a year: $240
Additional Referral Earnings: $5 per referral
4. Budgeting Made Easy with this App, Even if You Don’t Know How
If you have trouble budgeting, you’re not alone. Most people actually don’t know how to properly budget and that could possibly put them in debt.
Truebill easily helps you budget, even if you don’t know how to. Their simple to follow budgeting pulls your historical spending, organizes it, and allows you to clearly see your spending so you can set a target budget with context. (Aka you can see where you’re wasting money on).
Truebill’s five-star reviews come from people formerly bad at budgeting. Dawn H. said “LIFE CHANGING!!!! I was never able to save money or budget myself but with Truebill all the work is done for you! I am very grateful.”
Truebill will also alert you if you’re getting a little too spend-happy in your budgeted categories so you know when to curb it. Another user, Clee M. said “This app is 100% true in what it advertises. I am normally skeptical about connecting my bank info to apps. This app is completely safe and easy to use!”
It’s simple but actionable budgeting that anyone can follow and it’s free to use! Join the many users today and control your spending with Truebill!
5. Binge on Food, Entertainment, Health & Tech News TV for Money
If you’re a video junkie, become an Inbox Dollars member where you can watch their TV and Videos section that ranges from Trending News, Entertainment, Food, Health, Tech, and even the latest World News to earn some cash. You’ll also get $5 as a sign-up bonus too!
They set it up in playlists though and they’ll tell you how long it takes as it can range from a few minutes to half an hour. Tip: You can set it to Play, open up another browser tab and let the videos run while you continue doing something else if you’re multi-tasking!
Playlists and earning potential can change, but it’s possible to earn up to $200 a month, watching videos!
6. Buy Stuff Normally = Get Gift Cards You Actually Want
If you have room for 1 more app on your phone, then it needs to be this.
Actually, delete another app to make room for this one. It’s that good.
It’s called Drop, a free app that gives you gift cards on stuff you already buy from your favorite stores and brands.
Your everyday purchases from Amazon, Trader Joe’s, and Walmart? You’ll get points for that. Points translate to gift cards so the more you collect, the more you can redeem!
The only thing you need to do is link any credit or debit card you usually use for buying stuff and that’s it! Drop will automatically recognize when you buy from your activated offers to reward.
There’s literally no downside to using this free app to get more gift cards. Use it on top of your loyalty points and credit card points for even more rewards!
LIMITED TIME OFFER: Use promo code SMARTWALLET to unlock 5,000 points ($5) automatically when you link your first card on Drop!
7. Free Gift Cards Just for Going Grocery Shopping? Yes, please.
Go on your normal grocery shopping trips. Scan your receipt after. Get points towards gift cards.
No extra fuss. No digital coupons to pre-select or specific stores to go to.
It’s perfect for the lazy but smart saver.
And it’s called Fetch Rewards, an app where you can scan ANY grocery receipt to get rewards.
Scan receipts from supermarkets, neighborhood corner shops, wholesale clubs, drugstores, convenience stores, and even liquor stores. Unlike other apps, you’re not restricted to specific stores. As long as your receipt has any of the thousands of participating products, you’ll earn points to redeem for gift cards.
You can start redeeming points for rewards with as little as 3,000 points ($3). Grab a 2,000 points bonus ($2!) when you enter this referral code: REWARD before you scan your first receipt.
Welcome bonus: $2
Average savings a month (depends on purchases): $25
What it could add up to in a year: $302
Additional referral earnings: $2 per referral
8. Play Games & Boost Your Savings at the Same Time. Win-Win.
It’s okay if you prefer to play video games all day instead of thinking about money since we’ve got the perfect app for you.
Go ahead and download Long Game Savings a savings app that turns saving into a game.
Just play 1 game a day, and you could win cash daily.
Yes, it’s safe. Your money is FDIC-insured up to $250,000 and you can withdraw money at any time.
After setting up your savings account, you’ll be able to play quick games like Spin to Win, Flip Cards, Slot Machines, and more for chances to win money to increase your savings. Eons better than 0.01% interest rate.
It’s like you’re getting paid to save and it only takes less than a minute of your day to play. And there’s no judgment on playing too many games this new year.
*Year breakdowns: MoneyUnder30
*EverQuote’s individual savings, if any, and premiums will vary by customer. Savings amount based on countrywide survey of users from Nov 2018 to Apr 2019 who reported old and new premiums.
*Full Aspiration’s Spend & Save Account disclaimers
