Have you ever thought about the true cost of owning and maintaining a car? Well, let me put you on game. According to this infographic, a car can cost you tens of thousands of dollars over its lifetime. And that’s not just the upfront cost of purchasing the car, but also the ongoing expenses of maintaining it.
The True Cost of Car Maintenance
Let’s break it down. The average car owner can spend up to $9,282 per year on car expenses. This includes things like fuel, insurance, repairs, and maintenance. And those costs only increase as your car ages. In fact, car owners can expect to spend an average of $1,186 per year on maintenance alone.
But fear not, because there are things you can do to keep these costs down.
Tips to keep your car maintenance costs down
- Stick to your car’s maintenance schedule
- Regularly check your tire pressure and alignment
- Change your oil on schedule
- Don’t drive aggressively
- Pay attention to your car’s warning signs and get things fixed ASAP
By following these tips, you can reduce the likelihood of major repairs and keep your car running smoothly. But what about those unexpected expenses?
Ideas to handle unexpected car expenses
- Start an emergency car fund
- Get a credit card with 0% interest on purchases for a limited time to use for car repairs
- Consider a car maintenance insurance policy
An emergency car fund can help you cover unexpected expenses without dipping into your savings or going into debt. A credit card with 0% interest on purchases can help you finance repairs without accruing interest. And a car maintenance insurance policy can help cover the cost of unexpected repairs and keep your expenses more predictable.
How to know when it’s time to let go of your car
As much as we love our cars, sometimes it’s just time to let go. But how do you know when that time is?
- Your car has major mechanical problems that would cost more to fix than the car is worth
- Your car fails its emissions test and won’t pass inspection
- Your car is no longer safe to drive
If any of these apply to your car, it may be time to say goodbye. But don’t worry, there are plenty of great options for buying a new car, including financing and leasing options. And by following these tips for maintaining your car and handling unexpected expenses, you’ll be well-prepared to make the most of your time with your new ride.
So there you have it, folks. The true cost of car maintenance and how to keep those costs down. Don’t forget to keep up with your car’s regular maintenance schedule and pay attention to warning signs. And if you do find yourself in a bind, remember there are options available to help you handle unexpected expenses.
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