How much do you budget for car repairs?

[kkttyy]

I have had my car for about 6 years now and I've had minimal costs associated with repairs to it, but now that it's getting a bit older, I've noticed that things need to be replaced from time to time and the check-ups at the mechanic are costing a bit more since more needs to be done. Up until this point, I haven't had a budget category for car repairs, but I think that I need to start one. How much do you think is a safe amount to budget for car repairs on a 6 year old car and how much should I increase it for each year it gets older?

[Scanner]

I think a good rule of thumb is to budget $25/month x <years old of car>.

So a 6 year old car in your case would $150/month. I mean, wow, that's just a stab, not knowing if it's a Ford Focus or an Audi PQ39 Space Modulator 384

Probably a good way to go about it is to get a quote online for "Extended Warranty" on your car. Whatever that quote is probably right + some profit for their company. However, because those extended warranties often exclude major ticket items (like a blown head gasket). . .it's probably spot on, figuring what their profit was = major ticket items.

[ua_guy]

It's really tough to say without knowing make/model/year and mileage. I think one of the important pieces is planning for eventual replacement of the vehicle, which can also be used as an emergency fund for repairs to your existing vehicle. I'm not a fan of extended warranties--they just usually don't cover what you'd hope or expect. You absolutely have to read the fine print.

[bjl584]

That's a hard question to answer. It depends on age of the car, the make and model, and how knowledgeable you personally are about cars.

I am fairly mechanically inclined, so I do almost all of the work on my car myself. I save a ton of money by buying parts and then just doing the work myself.

If you have an older car (say over 7 years old with over 100K on it) then having a couple thousand set aside should be more than enough to fix even a major repair like a transmission. Any more expensive than that, and I'd argue that you are better off replacing the car.

[feh]

Assuming you are talking about repairs and not maintenance, I don't budget for it. That's something that would come out of our emergency fund.

[tripods68]

I saved on average between 150-200 a month toward car repairs with 2 older cars (Honda Odyssy 10 years, Hyundai Santa Fe 14'yrs old). This include regular oil changes. Any repairs cost that extend beyond this budget will use our EF. But if you consistently set aside fixed amount of 150 a month should be enough to cover expensive future repairs.

[LionelHardesty]

Car Repair Budget

I currently have been putting $50 per month in a slush fund to handle car repair, appliance repair, misc home repair, etc. I realized I need a better plan. I just go hit with some major repairs on one of my cars.

I believe that by looking at the resources you’ve sited above, a better budget amount can be allocated. I’m in the process of reviewing the previous owners receipts and filling in the service manual so I can forecast the future repairs required. Then I can have the money ready when it’s needed and NOT tap into the EM fund.

As with everything you continue to talk about Matt, “Without a good plan, you’ll get hosed” (my quote). Thanks for continuing to remind us about the need for a plan and how everything involving money needs one.