You may have planned for the initial car expenses such as the purchase price, car insurance, and registration fees. But what about the other costs that come up along the way? There are many unexpected car expenses that can crop up, and it’s important to be prepared for them. In this blog post, we will discuss seven of the most common ones. Keep these in mind so you can budget for them appropriately!
When you buy a new car, you have the option to purchase an extended warranty. An extended warranty is an insurance policy on your vehicle and it protects you from having to pay for expensive repairs, and an extended warranty from Carchex costs less than it would to keep paying for repairs. Many people choose to purchase an extended warranty because it gives them peace of mind knowing that they will not be stuck with a large bill if something goes wrong with their car.
1. Regular maintenance, like oil changes and tune-ups
Even if you’re the most careful driver, your car will still need some TLC to keep it running smoothly. And, depending on the make and model of your vehicle, these costs can really add up. So, how can you keep track of your car’s maintenance needs? First, consult your owner’s manual. It should have a list of recommended services and when they should be performed. Then, create a spreadsheet or use a budgeting app to track when each service is due. Finally, be sure to set aside some money each month to cover these costs.
2. New tires when the old ones wear out
Tires typically need to be replaced every 30,000 to 50,000 miles, depending on the type of vehicle and driving habits. This can add up to a significant expense over the lifespan of a car. Furthermore, many people wait until their tires are completely worn out before replacing them, which can be dangerous. It is important to check the tread on your tires regularly and replace them when they start to show signs of wear. By budgeting for new tires in advance, you can avoid an unexpected expense down the road.
3. Towing or emergency car repairs
Towing services and emergency car repairs can both be expensive, but they are also potentially lifesavers. If your car breaks down in the middle of nowhere, a tow truck can get you back on the road. And if you have a flat tire or a dead battery, an emergency repair service can get you back on the road in no time. So next time you’re budgeting for your car expenses, don’t forget to factor in these potential costs as well.
4. Car washes and detailing
A lot of people don’t realize this, but one of the most common expenses associated with owning a car is getting it washed and detailed on a regular basis. If you live in an area with a lot of dirt and dust, or if you have to deal with bad weather conditions like Road salt and snow, then you’ll need to get your car washed more often.
Even if you live in a relatively clean area, it’s still important to get your car washed at least once a month to prevent dirt and grime from building up. Depending on where you live and how often you need to get your car washed, the cost of this can add up quickly.
5. Traffic tickets and fines
One common car expense that people often forget to budget for is traffic tickets and fines. Depending on where you live, traffic tickets can be quite expensive, and the costs can really add up if you’re not careful. In addition to the initial fine, you may also have to pay additional fees for court costs and other administrative charges. And if you’re convicted of a moving violation, your insurance rates are likely to go up.
So, if you’re planning on owning a car, it’s important to factor in the potential cost of traffic tickets into your budget. Otherwise, you could find yourself with a nasty surprise when you get your first speeding ticket!
6. Parking fees and meters
Anyone who owns a car knows that there are a lot of expenses that come along with it, from gas and oil changes to repairs and maintenance. But one common car expense that many people forget to budget for is parking fees and meters. Whether you’re driving into the city for work or running errands around town, chances are you’ll need to park your car at some point.
And if you’re not careful, those parking fees can quickly add up. To avoid being caught off guard, make sure to include parking in your regular budget. That way, you’ll always have enough money set aside to cover the cost of parking. And if you do end up having to pay a meter or parking garage fee, it won’t bust your budget.
7. Registration and inspection
If you own a car, there are a few expenses that come along with it that you might not budget for. For example, every year you have to renew your registration and get your car inspected. Depending on your state, the cost of registration can range from $25-$100. An inspection usually costs around $15-30.
So, if you’re not budgeting for these yearly expenses, they can come as a surprise. Additionally, if your registration or inspection is expired, you can be charged fines. In some states, the fine for an expired registration is as much as $200! So, if you own a car, make sure to budget for these common (but often forgotten) expenses.
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