By doing the little things to maintain your car on a day-to-day basis, you can do everything in your power to make your car last long past the day you make your final payment on that car loan.

“Time and miles are the two forces fighting to destroy every car,” says Tom Taylor, engineer and vice president of RockAuto.com. “Giving the car an occasional wash and wax is nice but really not as important as regular maintenance. Driving and maintaining your car as if it needs to last for at least 200,000 miles or 20 years is a smart way to preserve the value of an expensive asset.”

Storage

If you have a garage, make it your car’s permanent home. Reserving a garage space for your car instead of household items that could be stored elsewhere will help you avoid the accelerated wear and tear caused by prolonged exposure to the elements.

If you store your car in a partially protected carport or use a car cover, regularly inspect underneath your hood for signs of vermin. “I recently needed to replace a fuel injector connector that a rat gnawed off our 20-year-old family van after it was left unattended in a carport for just a few days,” says Taylor. “Rats and mice like a nice warm engine bay and they chew constantly to wear down their ever-growing teeth.”

Scheduled maintenance

Your car’s maintenance, engine oil, radiator antifreeze and other components might differ significantly from your last car. Following the maintenance schedule laid out in your owner’s manual is important to protect your vehicle. The photos in the RockAuto.com online auto parts catalog can help you become familiar with the maintenance parts for your specific car. Making sure items like filters, struts and brake pads are replaced when needed will help protect other components, saving you money and unnecessary wear.

Drive smart

Occasionally kicking up your heels is fine, but consistently accelerating too fast can put unnecessary strain on your engine and other moving parts. Stopping or cornering too quickly can prematurely wear out your brakes and suspension. If you’re starting your car in the cold, take it easy at first – letting your car idle won’t help protect your car, but driving a little more methodically than usual while your car warms up will.

Drive less

You don’t need to cut out the annual family road trip – highway miles are among the easiest miles you can put on your car. But eliminating unnecessary trips in everyday life can have noticeable results since the starting and stopping associated with short trips can be tough on your car. Take care of all your errands in one trip, walk with your kids to school if it’s close to home or ride the bus to and from work. If you can cut down on driving by 5 miles per day for 10 years, you’ll save 18,000 miles of driving. Taylor estimates that those miles are worth $4,000 in parts, depreciation and gas. Not only will you save money, but you’ll also put less stress on your vehicle, which should extend its lifespan.

When shopping for a new car, you might be able to save hundreds of dollars by comparison shopping and finding the best price. But good maintenance and driving practices can save you thousands if it means you won’t have to buy another car for 20 years.

IRAs (individual retirement accounts) have long been a staple of retirement saving, and this year, the Internal Revenue Service (IRS) introduced a new rule that makes Roth IRAs available to more investors.

The IRS has removed the $100,000 modified adjusted gross income limit for conversions from Traditional IRAs or 401(k) accounts to Roth IRA accounts. For conversions in 2010 only, investors have the option to pay the resulting taxes from a conversion in full in 2011 or to split in half the tax payments in 2011 and 2012.

While the new options could be beneficial to many Americans, a recent survey commissioned by online investing firm Scottrade found most Americans are unaware of the 2010 Roth IRA conversion options. Scottrade, like many other financial services companies, is educating its customers about the changes, as well as the overall benefits of IRAs. 

Kristin Grupas, customer education manager at Scottrade, oversees Scottrade’s initiative to help investors understand their options when opening an IRA. “An IRA can be a simple way to build a solid financial base for your retirement dreams,” said Grupas. “It’s essential to do your homework and take an in-depth look at the recent changes and the differences among the types of IRAs to ensure you select the one that best matches your investing strategy.”

To help new investors understand IRAs and the recent changes, Grupas answered three common questions she finds investors typically have when opening an IRA account:

How do I determine the right type of IRA for me? There are a number of different IRAs available for investors, such as Traditional, Roth, SEP, and Rollover. Choosing and understanding the IRA that’s right for you is important. The most common IRA types are Traditional and Roth, with one of the biggest differences being the tax benefits. With a Traditional IRA, contributions may be tax-deductible. In a Roth IRA, contributions are made with “after-tax” dollars, or have already been subject to income tax. Overall, a Traditional IRA puts more money in your pocket from your paycheck, while a Roth IRA provides more control over withdrawals because it allows withdrawal of contribution dollars at any time, generally tax-free. More information can be found at www.irs.gov/retirement/.

I regularly contribute to a 401(k), can I still consider an IRA? Yes, if you are already contributing to a 401(k), an IRA account can act as an additional vehicle for your retirement savings, and in some instances, offer more freedom to diversify and utilize investment products that may not be offered through your 401(k). In addition, thanks to the new conversion rules for 2010, a 401(k) can be rolled over into a Roth IRA for those who earn more than $100,000 modified adjusted gross income.

How much should I contribute? The amount an IRA holder is eligible to contribute is based on income and age. For a Traditional IRA holder, contributions are taken pre-tax. For a Roth IRA, contributions are made with after-tax dollars. The IRA holder can make a contribution to an IRA based on their yearly earned income, up to a maximum of $5,000 or $6,000, depending on their age. Investors can contribute regularly throughout the year.  Contributions between January 1 and April 15 may be applied to the prior tax year. 

“Investors should be aware that there are many different options for retirement savings,” said Grupas. “Education is the first step toward finding the investment vehicle that’s right for you.”

Investors can learn more about IRAs, and access planning tools and calculators at Scottrade’s online Knowledge Center at www.scottrade.com. For more information about Scottrade’s 2010 American Retirement Survey, visit www.scottrade.com/researchstudy.  

Information regarding IRA’s is for general informational purposes and is not intended to provide personal investment, tax, accounting or legal advice. Scottrade, Inc., its representatives and affiliates do not make investment recommendations or otherwise provide personal investment, tax, accounting or legal advice. Consult with your financial, tax and legal advisors regarding any specific investment, tax, accounting and legal issues. Member FINRA/SIPC.