How Much Money You Should Have Saved for Various Car Expenses
We’ve all been through that sinking feeling when a tire goes flat but there’s not enough money in the wallet to buy another. Out comes the credit card, with the goal to pay off the purchase with the next paycheck.
Sometimes, however, major car repairs are needed for new brakes or a transmission problem. When that happens, we all wish we had been saving money to cover unexpected emergencies or long-time maintenance costs.
Fortunately, it’s never too late to start saving for vehicle repairs so that the next time you face an unexpected car shop bill, you have funds ready.
How much money do you need to set aside just for car costs? Here are some factors to consider.
Your Car’s Condition
If you drive an older model vehicle, chances are you will be facing repair bills sooner than later.
With each passing year as the mileage racks up, your aging, worn car will need some attention.
Check your vehicle’s maintenance and repair guide that should have come with the vehicle when you bought it.
If not, look online for an estimated timeline of what your car will need, and when.
This will give you an idea of how to start planning your car care budget by saving incremental amounts each month.
Your Monthly Income
The amount of net income you bring home each month will also play a role in the money you should save for your car’s expenses.
If the maintenance guide anticipates that your particular vehicle will need $600 in repairs and upkeep this year, then you should be saving $50 per month toward those costs.
But if you can only afford to set aside $25 per month, that’s a helpful start.
Maybe you won’t have to make the predicted repairs if it holds up better than expected. Any amount budgeted will help when it comes time to write a check.
Your Maintenance Budget
If you do not already have a line item in your monthly budget for routine car repairs, like an oil change or headlight bulb replacement, add one now.
Again, a small amount of even $10 a month will help you keep your car running in good condition.
Your Vehicle’s Parts and Labor
Contact a vehicle dealership like Henderson Hyundai Superstore for estimates on parts and labor you might soon need.
Then start saving for those particular items.
Get some basic information about your car to plan ahead. Then start saving a little each month to prepare for the repairs that will be needed.
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Category: Car Repair
