Transportation is the second biggest line item in most households' budgets. You're talking about thousands of dollars a year. Jimmy Rhoades and Bankrate.com analyst Claes Bell have three tips to save big money this year on driving expenses.
1. Shop for Insurance
There are tons of insurance providers in every state. Go ahead and get a couple of competitive quotes. Don't set it and forget it. You should be shopping your car insurance every six months.
2. Fuel Economy Matters
If you're in the market for a new car anyway, take a look at that fuel economy rating because it does make a huge difference over the lifetime of the car. At current California prices, the difference between owning a new Ford Explorer versus a Focus for 10 years is almost five thousand dollars!
3. Live Closer to Work
AAA did a study where they found that the average American spends 12 days a year in their car. If you have the ability to move closer to where you're working it's almost a no-brainer unless you're talking about a significantly increased cost.
4. Ditch Your Ride
It may sound radical, but it's getting easier than ever. Maybe it's possible for you to take public transit to work and Uber or do ZipCar for the rest? Get rid of your car and you can save almost 10-grand a year! That's a lot of Uber rides.