WEST VALLEY CITY, Utah — The auto market is an expensive one right now, and many consumers are feeling the pinch.
According to research by LendingTree, 2% of car loan borrowers are in default.
As expenses for vehicles continue to go up, what can you do to curb the costs?
“It’s a significant thing because if you have 2% of people who are 90 days late plus, it means that you probably have a significant number of people who might be 30-60 days late,” said Matt Schulz, a consumer finance analyst for LendingTree.
Schulz says that, depending on how long you’ve had your car and the rate you’ve financed it at, you could look into potentially refinancing the car to see if you could save a little bit of money from your monthly payment.
“Even though budgets are tight and even though you probably would rather spend your money elsewhere, spending the money to maintain your car well is a really smart move and can pay off in the long run,” said Schulz.
That’s why FOX 13 took a visit to Back Shop Auto in West Valley City to find out some of the best methods to maintain your car, so you’re not forking out thousands of dollars more than you need to in the future.
“I can tell you that by rotating your tires every 10,000 miles, you’re not replacing tires as often and you’ll catch the brakes before they’re wore out and it cost you three times as much,” said Greg Carlson, a co-owner of Back Shop Auto.
Carlson says it’s taking care of the little things now that will prevent big, costly problems later. And the answers to some of your long-term maintenance questions are right under your nose.
“There’s an owner’s manual in that glove box that most people still have that really gives you the mileage breakdown, but I can tell you, cost-efficiency-wise, basic rules: transmission should be getting done every 30,000 miles, your coolant should be only done about every five years, 100,000 miles,” he said. “Most of it is right in that manual.”
And while there are some things you can get done for cheap, there are some things you shouldn’t skimp on.
“Back in the good old days, oil was oil. Today if it’s calling for synthetic oil, you are damaging your motor by putting in non-synthetic oil, so you can’t really get cheaper there,” said Carlson.
And remember, before you even drive that car off the lot, taking the time to compare rates from multiple lenders well before you set foot in the dealership is important.
