The average length of time the six top selling vehicles are kept before being traded in is about 6.1 years, according to 2012 data analysis by 24/7 Wall St. Further, the average new car loses about half of its sticker value in the first two year of ownership, and 83 percent of its value by year six.

The make and model of a car gives several predictors as to how long its kept before trade-in. Jaguar owners hold onto their cars seven years on average, the longest period for any brand. But the company only sells about 1,000 units per month worldwide. Volvos and Mitsubishis are also keep longer on average, but those companies only sell about 4,000 units each per month.

Depreciation is unavoidable, but there are other long-term costs that can be mitigated with a little creative maneuvering.

Insurance

Average American car owners will spend about $94,000 on insurance from the time they get their license (age 16) until age 78, according to data by CarInsurance.com. That’s still significantly less than the cost of smoking a $5.25 pack of cigarettes every day for 60 years (about $115,000), but significant nonetheless.

The easiest way to lower insurance costs is to pay cash for your cars. All dealerships will require those who finance their vehicles to have full coverage (comprehensive and collision) insurance until the loan is paid off. Though rates vary greatly by state and other factors, the monthly premiums for minimum (liability) coverage are generally less than half of a full coverage policy. Plus in many cases when accidents occur, the other person’s insurance may pay for damages on your vehicle if it’s their fault and they have full coverage.

Shop around for insurance before buying a policy. The companies with deep-pocketed ad campaigns are never as low-priced as their commercials would make them seem. A good rule of thumb is to inquire with at least five companies before committing. Ask your insurance provider if installing a car alarm or other anti-theft device will lower premiums. You can also consider raising your deductible to lower monthly premiums.

Need a Low Rate Car Loan

If you are unfortunate enough to have a collision and are looking where to find the lowest rate car loan available, search online at www.OpenRoadLending.com where you can apply in the comfort of your own home and get a loan decision back in a matter of minutes. From there, you are in control of the car buying process. If you are not in the market for a new or used vehicle, consider a refinance car loan where you can keep your current vehicle but trade in those higher payments instead. The process takes just minutes to complete and consumers are saving on average $94 per month off their existing loans. 

Maintenance

The average annual maintenance costs for a car run about $7,000 to $12,000 depending on size, make, and age, according to a 2013 AAA Report. Average maintenance costs increased 11 percent from 2012 to 2013, mostly as a result of higher labor costs for repairs and more expensive parts for newer cars. The costs associated with tires remained unchanged, with a new set of four tires costing about the same in 2013 as they did the year prior.

The only way to reduce maintenance costs is to buy a low-maintenance vehicle. Small Hondas and Toyotas are known to run smoothly well past the 150,000 mile barrier. But part of the reason for this are the brand’s service policies. Both Honda and Toyota are very aggressive about setting maintenance appointments (oil changes, inspections, etc.) as soon as you drive off the lot. The more regular maintenance you do on any car, the less likely more expensive repairs will be necessary in the future.

For what its worth, the Chevy Spark, Hyundai Veloster, and Buick Verano were three vehicles listed on Forbes’ cheapest cars to own list for 2014.

Fuel Costs

The average price for a gallon of gas is about $3.40 as of September 1, nearly $0.90 more than five years ago, according to GasBuddy.com. The Department of Energy estimated the average yearly household expenditure on gasoline was about $3,000 in 2012.

The easiest way to save on fuel costs is to buy a hybrid/electric vehicle. Of course financing a car comes with higher insurance cost, which will ultimately negate any savings on gasoline. But there are several small things you can do to any car to increase gas mileage. Check your tire pressure every time you get gas. Change your air filter every other oil change. You can also consider a fuel injector cleaning additive next time you fill your tank.

Owning a car comes with unavoidable costs. But regular maintenance and safe driving can keep them as low as possible.