Three ways to keep your car from bankrupting you

For every mile you drive your car, it devours your savings to the tune of 78.3 cents, according to the American Automobile Association. Multiply that number by 15,000 miles a year and decades of driving, and automotive ownership costs can make Ivy League tuition seem almost affordable.

Even though many Americans are driving less, the costs of traveling haven't declined much if at all. Thankfully, you can lower your cost (of the car) with three strategies. Each one of these can put a nice six-figure bonus back into your savings account over the course of a lifetime, and a fat smile on your face whenever you turn the key.

Strategy One: Conserve

Automotive conservationists are not motivated by performance, comfort or snob appeal. All they want to do is get from point A to point B while keeping as much money in their pocket as the laws of automotive economics will ordain.

They want to save in the showroom, at the pump, after service, and at trade-in time. In other words, all the time and anytime.

In my experiences as a car dealer, conservationists are depreciation hawks and therefore big fans of used-car creme puffs. This is not only because depreciation is usually the greatest long-term expense in the ownership experience. Insurance premiums, government taxes, and repairs are also usually lower with older vehicles as well.

When it comes to finding that next car, conservationists are condition junkies to the extreme who will unflinchingly ask for the entire maintenance history of a used car before spending their limited funds. They love those records and will often times pay a premium for an extensive set of them.

They are exceptionally brand loyal, and often times will frequent enthusiast sites that specialize in providing guidance owners to who have a specific older model.

Once their car is bought, they invest in the idea of long-term ownership. When replacement parts are needed for their vehicle, they focus on quality first and cost second. They listen to experts, and visit well-established auto repair shops, who are familiar with the needs of that vehicle. The conserver realizes that high-quality replacement parts and a knowledgeable mechanic (or do-it-yourself owner) make all the difference in how well, and how long, a car is kept on the road.

So if you are willing to ignore the endless marketing machine that encourages new car purchases, go find yourself a nice older used car that appeals to you from a quality perspective. Then research the unique costs that may come over time with that specific model, and consider building a relationship with others who know more about that vehicle. Every vehicle has weaknesses, and good insights are an invaluable resource when it comes to planning for your car's issues as it ages.

Strategy Two: Endurance

When most folks think of a car that last forever, they think of an old Volvo, Toyota, Honda or Mercedes.

That’s so last century. These days, most every automobile built can crest 200,000 miles without much trouble. In fact, 200,000 has largely become the new 150,000, the tipping point that tells an owner with a reliable car that he or she has found a machine that can go the distance.

Let’s face it. With depreciation, taxes and insurance eating up your cost of ownership, a long-term keeper remains one of your cheapest possible ownership options. So buy what's worth keeping, regardless of how much or how little you love cars.