You may consider your car one of your most prized possessions. Even if you aren’t extremely devoted to your automobile, you’re probably glad it’s at your disposal. Regardless of your situation, you might not have thought a lot about the connections between your car and real or perceived financial situation.
People Might Assume You Are Doing Well Based On What You Drive
If someone pulled up next to you at a stoplight driving the newest model of the iconic Ford Mustang, what conclusion would you likely reach about that individual’s financial situation? Although the person might have been given the car as a gift, inherited it, or even won the vehicle in a contest, you would probably say a person with such a nice car must be doing well financially. This is an example of how the make and model of your car, as well as its overall condition, could make people think certain things about how you manage your money.
Something similar may happen during passing conversations with friends. If you tell them you were able to secure a loan for one of the pricier cars on the market, they might infer that even though you had to borrow the funds and weren’t able to pay for the vehicle in full immediately, your bank account balance is probably still substantial because you secured approval for the loan.
Your Car Could Help You Earn Extra Cash
The internet is full of intriguing ways to pad your wallet, ranging from taking surveys to scanning the receipts or items you buy with a special device and sending the results to marketing firms. Some companies even pay you to drive as long as you’re willing to decorate your car with a special type of wrapping with advertising on it. According to some estimates, it’s possible to earn up to $1,000 per month with that method.
Alternatively, choose a different but similarly accessible way to make money with your car and participate in clinical trials for new medical treatments. Most compensate you for your time and some cover travel costs.
You Could Save Money When Purchasing Things The Car Needs
It’s also easy to save money while buying car-related things as long as you know where to look. For starters, consider signing up for a gas credit card that gives you cash back or other incentives over time the more you fill up your car’s tank. Before choosing one, read the fine print. Even though many cards are advertised as being valid at all gas stations in the United States, non-traditional outlets for gas, such as warehouse clubs, may not be eligible.
Some insurance agents may show you how to cut costs on coverage for your car by meeting the requirements for a safe driver discount or agreeing to sign up for and pass a course that equips you with skills that could prevent accidents. The kind of car you drive, or the features it has, may also impact insurance rates. If the vehicle has extremely advanced safety features, you may get a lower rate, but if the model has a high likelihood of getting stolen and you live in a dangerous area, the price you pay might be atypically high.
It’s also worth seeing if your mechanic has discounts available for people who sign up for regular oil changes, for example. It may be possible to spend less cash by committing to buying a block of service appointments that will occur on a long-term basis.
These are just a few of the fascinating ways your car and your financial situation have more in common with each other than you might think. Keep these things in mind the next time you invest in something for a vehicle.