Budgeting Car Maintenance

Cars require a lot of upkeep, and just like your own body the more TLC and preventative care that’s provided, the longer it will keep running. However, keeping up with the costs of car maintenance can be a challenge. This is especially true of many luxury cars and foreign-made cars in which parts might come at a high price. How can you enjoy the car of your dreams while making sure there’s money in the budget for routine maintenance?

Start by considering the upsides of different manufacturers. For example, BMW parts might be more expensive than Ford parts, but the manufacturer warranties and upkeep programs might more than make up for this disparity. Customer service is a cornerstone of every business, including car manufacturers. Make sure you read the fine print and know exactly what maintenance perks may be included.

Sage advice

You’ve probably heard countless times that oils needs to be changed every three months, but that’s not necessarily true. That’s what many mechanics may want you to believe, but it all depends on the make and model of the car. Read the owner’s manual in detail, because the company that makes the car has the best advice on care. Not all machines are created equally.

At the same time, consider dedicating a bank account solely to vehicle maintenance. Just like you put a certain amount of each paycheck towards savings, retirement, or a vacation fund, make sure you’re not caught by surprise in case a car emergency pops up. Something like a popped tire or clutch going out can cause big problems if you’re not prepared. Budgeting for big ticket items is always smart, and if you don’t need the funds, that’s just extra savings.

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Do your research

Before buying a car, look beyond the fuel economy and safety ratings. What do owners say are the most common problems? How often is routine maintenance recommended, and will you be the one paying for it or will the manufacturer? Some vehicles are more demanding than others, and you need to compare those figures with your own maintenance budget (in other words, an old Delorean may be your dream car, but it’s also a financial black hole).

A fully functioning car isn’t just a convenience, but a requirement for many. It’s how you get to the office, escape to your weekend warrior activities and shuttle the kids to soccer games. Don’t skimp on maintenance; make sure you’re prepared and financially ready to take care of your freedom on wheels.