It doesn’t matter if you purchase a new or used car because, either way, it will need repairs. Almost no one has a limitless budget, so learning to budget for repairs can help make them easier to handle. Saving money on repairs also helps, so keep reading to learn a few tips on how to most effectively do this.
1. Plan for Maintenance
About 77% of vehicles need maintenance or repairs, according to a survey of vehicle owners. The cost of these items puts them on hold for many individuals. Planning for maintenance can help alleviate the problem.
First, check your vehicle warranty. Many manufacturers now include the first year to three years of maintenance in the warranty. You must take the vehicle to the dealership service center for service. This free maintenance period helps you build the habit of taking in your vehicle for oil changes, tire rotations, and similar expenses.
Second, start a savings account for maintenance items the year you purchase the car. Find out the cost of each service, divide by 12, then deposit that amount each month. Break it down to weekly deposits if needed. A year’s car maintenance feels like a lot when you think of it as $600 a year and little when you consider that equals $50 per month or $12.50 per week. Essentially, two coffees at Starbucks per week pay for your weekly vehicle maintenance costs.
2. Perform Routine Checks
Check the truck’s oil level before each drive. When the oil level dips below the level marked on the dipstick, add the recommended oil. Check your tire pressure and add air as needed. Keeping them at the proper PSI provides a safer ride and better fuel efficiency.
3. Invest in High-Quality Parts
When you need to make major repairs, invest in high-quality parts. Forget the knockoffs and purchase OEM. Use a pull-apart lot to find a recent model vehicle with no damage to that part. According to AAA, an auto gets 30% of its structural integrity from the windshield, so that’s not the place to skimp on parts.
4. Create a Sinking Fund to Pay for Emergency Repairs
An auto accident occurs every 4.6 seconds; that’s 13 accidents per minute, according to Bankrate. Since the need for emergency repairs springs up from time to time, create a fund to handle this, too. Establish a sinking fund with at least $1,000 in it to pay for emergency car repairs. Divide that amount by 52 ($19.23 per week) to make it easier to save up the $1,000 a little bit at a time.
Designate these funds only for emergency car repairs. Establish a separate savings account to handle other emergencies. Eventually, you’ll establish an investment fund, too.
5. Winterize Your Vehicle
This goes beyond the everyday maintenance and requires a time investment. Clean the car. Add the correct type of antifreeze in the right amount. If you reside in an area that experiences snow or icy weather, put on winter tires. Preparing your vehicle for the weather changes helps it get through winter safely.
During winter, always park in the garage or a parking garage – never on the street. This process protects your battery and your tires. Check your vehicle’s fluids more frequently and top them up when low.
Better Car Repair Budgeting
Anyone can learn to budget for their car repairs. It takes time to learn how to conduct vehicle maintenance yourself, but it results in significant savings. Researching parts and comparison shopping also helps alleviate high costs. Build your car repair budget today and stick with it, so you can always afford to repair your ride.
