With millions of people out of work, it’s no surprise that many are having a difficult time paying their bills. We have all heard about the housing market foreclosure problems on the news. But there’s another issue at stake, as well: cars are being repossessed at a surprising rate. In fact, some industry experts believe that car repossession numbers have reached a 10-year high.
Money Matters
So what can you do if your income has become limited and you feel you can’t pay for your vehicle any longer? If that happens, you need to re-examine your spending habits and make some changes. With a little creativity, you can find ways to make enough cuts and lifestyle changes per month that you will still be able to squeeze out the car payment, or the ancillary expenses if it is already paid off.
If you are looking for a way to prevent your vehicle from being repossessed, or having to sell it, that can be done by taking some of the following actions. Keep these tips money-saving money tips in mind, to help you keep your vehicle:
- Examine your insurance. Resist the urge to cancel the insurance policy to save money. In the long run, that choice could cost you dearly. Instead, gather new insurance quotes to see where you can save money. Inquire about discounts and see what your rates would be if you reduce how many miles you drive per year and take a higher deductible.
- Start carpooling. You may be able to find others with whom you can carpool to your work or school. Have them chip in for the gas, which ends up helping you save on gas money.
- Drive smarter. Making some changes in your style of driving can also save gas, and as we all know, gas is not cheap. Such tactics as turning the air conditioning off, keeping your tires properly inflated, and avoiding quick take-offs can all help you save.
- Make money off your ride. This is where you might want to be creative. If you can allow someone to put an advertisement on your car, or rent it out to a trusted friend once a week, you can actually earn enough to cover the monthly payment. You can also offer to run errands for a fee, providing a little courier business to earn money.
- Evaluate other expenses. We all have habits that cause us to blow money that we could be using for something better. Whether it is buying a $5 fancy coffee each day, or drinking $4 beers in the bar instead of getting a six-pack at home, evaluate where you may be spending unnecessarily, and make some cuts.
If you are like most people, you need your auto in order to make money. Sure, times are tough, but that doesn’t mean you need to give it up. Rather, get serious about being creative to find a way to keep it.
