How to Protect Your Finances from Unexpected Car Repair Costs
Perhaps you haven’t been diligent with your car’s maintenance schedule. Or, something, like hitting a pothole or a fender bender, has caused you to take your car in for service. Whatever the reason, an unexpected car repair or maintenance bill can strike fear in the hearts of drivers everywhere. But, your budget doesn’t have to be destroyed by a bill from the repair shop. You just have to think ahead and prepare for the worst (most expensive) possible scenario.
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According to the experts, the best way to avoid unexpected repairs is to keep up with regular maintenance, but even regular maintenance costs money. In order to keep your car on track and your budget in the black is to set money aside for potential repairs and regular maintenance checks.
“Saving $100 each month for maintenance and repairs doesn’t mean you’ll need to use the money right away. You may skip a year or two without needing any major work and then end up spending over $1,000 on service,” according to The PennyHoarder senior writer Nicole Dow.
If $100 seems too much or too little or just not right for your vehicle’s history, another way to pinpoint the amount you should be saving each month is by reviewing the previous repair costs.
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“A different budgeting approach is to review how much you’ve spent on maintenance and repairs in the previous year and save up that much,” writes Dow. “However, keep in mind that each year may not mimic the next. If you recently had major work done, you might be safe to budget less. If your car is overdue for servicing, you should budget more.”
News Source: The PennyHoarder
The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.