Money Saving Tips: The Best Ways to Save on Cars (Buy an Air Compressor)

Here are some tips submitted from Yahoo readers on how to save money on cars. I've selected my favorites:

• I keep an air compressor in the garage and check the tire pressure on our Dodge Caravan a couple times a month. I know it sounds compulsive, but it only takes five minutes, and it keeps my 20 mile-per-gallon vehicle from becoming a 19 mile-per-gallon vehicle, or worse.

• In 2001, I bought a five-year-old Jeep Grand Cherokee with 40,000 miles. I paid cash for it and decided to invest what would have been a "new car payment" of $400 a month into a mutual fund. Five years later, I have nearly $40,000 in the fund. It was easy and a lot of fun watching my money grow. My Jeep is still running great, and I'm now trying to figure out what that to do with some of that money when I retire!

• Our daughter, who will be graduating from graduate school, hasn't owned a car yet. Luckily, all through high school, college, and grad school I was able to convince her of the benefits of driving the family car. With the money we saved (car cost, maintenance, insurance, etc.) my wife and I are thoroughly convinced that we were able to pay her entire college and grad-school tuition, and all expenses. She worked during the summers, and we even matched her contributions to her Roth IRA. So, she graduates in about a month, debt free, with a nice-size Roth IRA for a 23-year old!

• I drove my wife's 1971 Ford Maverick for 26 years - how people laughed! Boring, but we saved the money that would have been made on car payments. We were able to pay off our 25-year mortgage in 11 years and also put our son through college -- he's debt free too.

• Learn to do your own minor maintenance and inspections. General maintenance and authorized-dealer maintenance books are readily available. Keep a good log book of required inspections and basic work you can do yourself. Preventive maintenance can save you loads on an expensive repair, keep your vehicle running longer, and possibly identify an unsafe condition (poor brakes, shocks, or low brake fluid, for example). Not only will this save significant labor costs, you'll be more aware of your vehicle and know what's normal.

Some good stories here -- especially from the people who bought used and saved the money instead. Amazing!

I've been thinking about the air compressor idea myself. I know that properly inflated tires help increase gas mileage (not to mention making your car safer to handle), but I either forget to check my pressure or it's not convenient (I'm in work clothes and it can be dirty, I'm rushed, it's cold out, etc.). As a result, when I do check my pressure the tires are always lower than what they should be. This is costing me extra in gas money.

So I've thought about buying a compressor and putting it into my garage to make checking and filling my tires more convenient. If the compressor costs $75, how long will it take for me to pay back the cost through gas savings? I'm not sure how our miles per gallon would increase with properly inflated tires (because I don't know when our tires currently lose pressure), but I can do some "what-if" analysis to see where the breakeven is. Here are some options that impact our family (using my car alone -- my wife drives a very fuel-efficient car where the impact is negligible):

• If we save three miles per gallon and gas costs $2.50 per gallon, we pay back the $75 cost of the compressor in 3,500 miles.


• If we save two miles per gallon and gas costs $2.50 per gallon, we pay back the $75 cost of the compressor in 5,300 miles.


• If we save one mile per gallon and gas costs $2.50 per gallon, we pay back the $75 cost of the compressor in 11,250 miles.

Even by only saving one mile per gallon, I will pay for the compressor in less than a year! Plus, I'll get some savings from my wife's car and it will make filling up soccer balls, bike tires, and the like much easier. This seems like a no-brainer to me.

Comments

[Starfevre]

Thank you, I find this a really interesting tip. I do have one question though.

Since I think usually compressed air is free at gas stations (correct me if I'm wrong), if you're only using it to top off your tires rather an emergency flat situation, isn't it cheaper to buy a tire gauge than a compressor?

[FMF]

Starfevre --

Yes, it would be cheaper, but the problem for me is found in my comments above:

"I've been thinking about the air compressor idea myself. I know that properly inflated tires help increase gas mileage (not to mention making your car safer to handle), but I either forget to check my pressure or it's not convenient (I'm in work clothes and it can be dirty, I'm rushed, it's cold out, etc.)."

Have you ever tried to check your tire pressure with a gauge? It's a dirty job, even if you're just removing the cap and placing the gauge on. But if you have to fill it up with air, it becomes even dirtier (the air gauge itself, the hose, etc.). It's hard to do and keep clean (I've mess up several sets of pants trying to do so).

Then add in the bad weather conditions much of the year (I live in Michigan, the state of disrepair many stations have at their air compressors, the inconvenience, etc.). It's just not worth the hassle -- so it doesn't get done. If It was more convenient (i.e. in my garage), I think it would get done and thus save me more $$$$.

[Donald Chen]

FMF, Your calculation convinces me to buy an air compressor. I've been thinking of buying it too, but I was not sure if it worths it or not. I am a DIY fan and I think an air compressor can make other types of work easier too. Thanks for the tip.

[Anon]

I think you may be over-estimating the value of keeping your tires at the proper PSI. I cannot find anything that says the benefit will be more than 3%, which does not equate to 1 MPG unless your car already gets over 33 MPG. Presumably, this maximum benefit would only occur under long stretches of interstate driving with a heavy load, which may or may not be the majority of your driving.

Also, you are not balancing the theoretical gas savings against the opportunity cost of the time spent filling your tires constantly. It seems unlikely that they will even out.

[FMF]

Anon --

Ok, let's assume what I would call a low-end savings of 3%. I spent $800 the past year on gas for our two cars. 3% savings is $24. For a $75 compressor, that's a payback in three years. Not to mention the following benefits:

*Helps tires last longer/wear out less quickly.

*Improves safety/handling.

*Allows me to use compressor for other items like bikes (I ride 80 miles a week and check tire pressure weekly), soccer balls, basketballs, etc.

*I'm SAVING time versus filling these up in other methods (like via a pump)

Now, if the savings is really 4%, 5%, or more, the compressor pays out that much faster.

[G]

Plus, a decent compressor doesn't have to cost $75 either. I paid I think $40-50 for mine.

I also recommend one with a battery that doesn't always need to be plugged in. You can throw it in the trunk for a road trip, or bring it right down to the edge of the lake or out on a bike trip.

Mine also has a DC outlet so you can charge it and run a radio or light on a camping trip. Battery can only pump up about 4 car tires, but how often do you really need it to do a task like that. Just a thought.