Budgeting Tips for Vehicle Maintenance: Planning for the Unexpected
Life is full of surprises, and some of them can hit your wallet hard.
From a leaky roof to a sudden car repair, unexpected expenses can add up quickly. At David's Automotive Repair, we've done some digging into how you can budget for proper vehicle care, especially when it comes to unexpected repairs.
While many of us budget for scheduled maintenance, it's the unexpected repairs that can catch us off guard. However, with proper maintenance, today's vehicles can stay on the road longer than ever before, thanks to improved design and manufacturing quality. But these improvements can also mean higher repair costs.
Take the fuel pump, for example. In the past, vapor lock was a common issue, leaving drivers stranded by the roadside. To solve this problem, fuel pumps are now located inside the gas tank. While this is a great solution, it also means that replacing a failed fuel pump is a much more expensive task.
Sealed wheel bearing assemblies are another example. Unlike non-sealed bearings that could be serviced, sealed bearings require the entire assembly to be replaced when they fail, costing several times more.
So how can you prepare for these unexpected expenses? One tool you can use is the True Cost to Own calculator on
Edmunds.com
. Let's say you have a 2012 Toyota Camry, and you want to keep it running for the next three years. By entering your vehicle's data into the calculator, you can get estimates of what it'll cost to service and repair your car over the next five years, based on your location in or near The Colony, Texas.
While these are just estimates and there's no way to predict exactly what will happen, they provide a good starting point for budgeting. The calculator also includes estimates for depreciation, financing, insurance, taxes, and fuel costs.
Focusing on maintenance and repair, the calculator shows that the average monthly cost is around eighty-three dollars. While this may seem like a lot, it's a fraction of what you would pay for a new car payment.
By setting aside eighty-three dollars a month, you'll be well-prepared for routine maintenance and unexpected repairs. Properly maintaining your older vehicle not only saves you money on new car payments and insurance but also makes good economic sense.
So why not sit down with your service advisor at David's Automotive Repair and work out a plan for keeping your vehicle on the road? Whether you visit us at our location in The Colony or give us a call, we're here to help you navigate the road ahead.
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