Don’t Let Car Problems Wreck Your Finances

May 26, 2015

Have you ever found yourself in a situation where you had to dip into your savings account or worse, pull out that credit card that you just paid off and use it for sudden car problems? When my husband and I were struggling financially, there were few areas in our finances that brought us to our knees the way that a potential car problem did. As my husband and I were reminiscing (really shuddering), he told me that if he had to talk to a couple struggling to manage their finances and their cars the following is what he would tell them:

First things first, take care of the car that you currently own. Do you inspect your car for issues before they occur? You may being saying to yourself “well, I do take care of my car!” but do you follow the recommended maintenance schedule or do you do put if off and tell yourself you can go another thousand miles and it should be okay? Do you check the tire pressure often to keep your tires operating properly to ensure that you get the designed mileage out of them? These proactive measures can really make a difference and can save you so much money in the long run.

Another step where you can get solid traction is to have a car fund in your family budget. Whenever car issues come up, it’s not enough to assume you will have extra cash on hand to take care of these unplanned expenses. Take some time to calculate the cost for these yearly maintenance cost and add an additional 20% to 30% for higher cost repairs.

Just a few years ago, I can remember romanticizing about how oil changes, tire rotations and even front end alignments were relativity small expenses and I could easily get these tasks done without a hitch. That’s not the case anymore. Today’s cars are far more complicated with all of the sophisticated sensors, infotainment gadgets (rolling home theaters) and even the halogen headlights that can cost far more than you ever expected to repair. Seek out a reputable auto mechanic in your area. You can ask friends for feedback or go to the web and check out sites such as CarTalk.com.

Consider getting comprehensive roadside service such as AAA, Allstate or other comprehensive roadside assistance programs. Some programs may be offered through your automotive insurer. Take the time to do the research to see which one suits your area and specifics needs. There are many options on the market for these services. Many of these require an annual fee that will cost far less than having to pay out-of-pocket for a single event like having your vehicle towed to a mechanic.

These steps can put you back in the driver’s seat with your finances and your car. As you can see, it’s really about being proactive with your car maintenance and your money as well as always looking for providers of auto services that really help keep Murphy and his painful laws out of your back pocket. Do the work upfront and you will enjoy the ride and go much farther!