Cut the costs of owning a vehicle

The price of owning a vehicle extends far beyond the sticker in the window.

That’s because additional costs—including insurance premiums, maintenance and repair fees, and gas prices—mean more dollars out of your pocket, even after your vehicle has been paid off.

But savings are in sight. Follow these tips, and you’ll be on the road to lower costs in no time.

Reduce your insurance costs. One easy way to reduce your auto insurance premiums is to increase your deductibles so you assume more of the risk for small claims. If you’re looking at buying a new car, you can also reduce your premium by buying a low-profile car that has less chance of being stolen and is less expensive to repair. Vehicles with higher safety ratings may also mean savings on insurance costs.

Observe speed limits and other traffic rules. Traffic violations, speeding tickets and accidents can raise your insurance premiums, so following the rules of the road is both safer and more cost-effective. It will also help you save gas money. According to fueleconomy.gov, every five miles per hour you drive over 60 is comparable to paying an additional 10 cents per gallon.

Drive sensibly. Aggressive driving—including speeding, rapid acceleration and heavy braking—puts unnecessary wear and tear on your vehicle. According to fueleconomy.gov, aggressive driving can also lower your gas mileage by 33 percent at highway speeds and by five percent around town. Using cruise control and overdrive gears helps you save gas and reduces engine wear. Plus, sensible driving translates into safer driving—so you may save more than just money.