As a car owner, it’s essential to be prepared for the cost of car repairs. These costs can add up rapidly, so it’s necessary to be ready for them. In this article, we will discuss some tips on preparing for the cost of car repairs, which can run into hundreds of dollars on average. A repair is a significant expense for many people, possibly causing undesirable debt.
Almost all new cars are delivered with a factory warranty covering repairs for a set period. According to Kelly Blue Book, the typical car warranty is 3 years / 36,000 miles, which covers the first three years or 36,000 miles, whichever arrives first.
However, you are responsible for all repair costs once that warranty expires. Expenses can add up rapidly, especially if you have an older vehicle. An extended car warranty can help to offset these costs by covering some or all of the expense of repairs.
This option can be a valuable way to keep your car on the road without breaking the bank. When shopping around for an extended warranty, read the fine print carefully and check reviews like CarShield reviews to get an idea of what others have to say about the warranty. For example, some warranties only cover certain types of repairs, and others may have a deductible that you will need to pay out-of-pocket. By researching in advance, you can find an extended warranty that fits your needs and budget.
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The Average Cost of Car Repairs and How to Budget for Them
No one likes taking care of car repairs, but unfortunately, they’re a fact of life. Autotrader says the average person spends $385 a year on car repairs in 2021. Other estimates are higher. For example, AAA says the average auto repair bill ranges from $500 to $600, a dollar value that puts some people in credit card debt.
Some car repairs are more expensive. For example, new timing belts cost between $400 and $900, an alternator is $400 to $900, and brake pads can run around $500.
Fortunately, you can do several things to budget for the average cost of car repairs and minimize their impact on your wallet. First, start by setting aside a fixed dollar amount, like $50 per month – this will help you to build up a savings account that you can draw on when needed.
You should also ensure to keep up with regular maintenance, as this can help prevent more serious and expensive problems down the road. Lastly, having an emergency fund for unexpected repairs is a good idea. By following these simple tips, you can relieve some of the stress of dealing with car repairs.
What to Do if You Can’t Afford the Cost of Car Repairs
The average cost for a car repair can be steep. If your car needs fixing but you can’t afford to pay for them, there are a few options available. One option is to sell your vehicle, which may be good if the repairs needed are significant and would cost more than the car is worth.
Another possibility is to exchange your car for a new or used one. This option may be a good if you’re already thinking of getting a new car, and you can use the trade-in value of your old vehicle towards the purchase price of the new one.
Lastly, you could try to get a loan from a friend or family member. This approach may be a good one if you need the car to drive to work or school and can’t afford to miss any more days. Whatever option you select, research them ahead of time so you know what to expect.
How to Prepare for Car Repairs Before They Happen
No one likes car repairs, but they are a fact of life for most car owners. The best method to handle them is to be prepared ahead of time. The following tips will help you be ready for almost anything:
- Keep a file of all your previous repair bills, which will come in handy if you need to compare prices or argue with a mechanic about what was performed.
- Find a reputable mechanic before you need one. Ask questions of your relatives and friends for their recommendations and check online reviews. That way, you won’t have to scramble to find someone when your car breaks down.
- Save up for the unexpected cost of average car repairs, meaning have around $500 saved. It’s always a good idea to set aside some extra money just in case you need to pay for towing or a rental car while your car is in the shop.
Following these simple tips can relieve the stress of managing car repairs.
What to Do if Your Car Breaks Down
Dealing with a vehicle breakdown is undoubtedly a stressful event, but there are some things you can do to stay safe and minimize the inconvenience. First, if possible, try to move your car off the road to the shoulder and avoid blocking traffic.
If you have a cell phone, call for help. If your car is still relatively new, you may have access to your dealer’s roadside services plan—alternatively, many people like AAA as their roadside assistance.
Once you’ve made the call, stay in your car until help arrives. Try to keep calm! Breaking down is never fun, but it isn’t worth getting worked up about. Following these simple steps can make the best of a bad situation.
Tips for Selecting a Good Mechanic
Anyone who has ever bought a vehicle realizes that it will need to be repaired at some point. But finding a good mechanic can be difficult, and it’s too easy to get scammed. So here are a few tips for finding a reputable mechanic:
First, ask around for recommendations. Speak to friends, family, and co-workers to see if they have any suggestions. If you don’t know anyone with recent car repair experience, you can also check online review sites. Once you have a few possibilities, call each one and ask about their pricing and services.
Next, take the time to visit the shop in person to get a feel for the place and meet the staff. You should pay attention to how they treat you and whether they seem knowledgeable about their work.
Finally, don’t be afraid to ask questions. A good mechanic will be happy to answer any questions you have about the repairs they’re doing. However, if they try to rush you or avoid your questions, that’s a red flag.
By following these tips, you can find a reputable mechanic who will do quality work on your car. And if you’re unsure about a repair bill or estimate, get a second opinion from another qualified mechanic. With a little effort, you can avoid getting scammed and keep your car running smoothly for years to come.
The Importance of Regular Car Maintenance
A car is a significant investment; like any investment, it must be regularly maintained to keep it running correctly. Skipping scheduled maintenance appointments can lead to more significant problems down the road and cost you more money in the long run.
For instance, regular oil changes help keep your engine clean and running smoothly. Filter replacements can improve fuel efficiency and prevent premature wear on engine parts. Tire rotations and alignments help extend your tires’ life, improve handling, and keep fuel economy high.
Following regular and routine car maintenance can help avoid more serious and expensive repairs. In other words, a little preventative care protects your investment and saves you money in the long run.
Owning a car is a big financial undertaking, but if you take care of it and stay on top of regular maintenance, it can be a great asset. And if something does go wrong, don’t panic! Many resources are available to assist in getting your car back on the road. By following these tips, you can make the best of any situation and keep your vehicle running smoothly for years to come.
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Prakash Kolli is the founder of the Dividend Power site. He is a self-taught investor, analyst, and writer on dividend growth stocks and financial independence. His writings can be found on Seeking Alpha, InvestorPlace, Business Insider, Nasdaq, TalkMarkets, ValueWalk, The Money Show, Forbes, Yahoo Finance, and leading financial sites. In addition, he is part of the Portfolio Insight and Sure Dividend teams. He was recently in the top 1.0% and 100 (73 out of over 13,450) financial bloggers, as tracked by TipRanks (an independent analyst tracking site) for his articles on Seeking Alpha.
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