Cars are depreciating assets, that is they go down in value as they get older. And, what’s worse is that you have to spend money on maintaining your depreciating asset. So, below are 3 tips to help you save money on your car maintenance and repairs.
I typically buy used cars and when I do I purchase at least a 4 year warranty. Car warranties are a great way to save money on car repairs. You’ll want to review warranty terms, coverage and deductibles that the dealership is trying to sell you. One way to research and compare warranties is when you’re test driving cars, you can request warranty options information.
Warranties are not created equal and from what I’ve seen vary widely in terms of deductibles, coverage and cost. Some banks/credit unions offer warranties too. I actually purchased my used SUV’s warranty through the credit union that financed my purchase. The credit union warranty was cheaper, had higher years/mileage coverage, and had the most comprehensive coverage. On all of my used car purchases, the warranties typically paid for themselves and then some.
Remember, when you’re purchasing a warranty the premium is always negotiable, see my article about negotiating the best price for your car purchase.
Dealerships typically make their money from maintenance and repairs. They typically charge more than local repair shops. So, I recommend finding a local specialized mechanic to save money on car maintenance and repairs.
I found my local mechanic by chance. I was selling my Honda Accord and a family that wanted to buy it wanted to have it inspected. So, they asked if I could bring my car to their mechanic for an inspection. The mechanic was a Honda specialist. He did the inspection and let me know it was in good shape. I was not surprised by his response since I’ve always kept up with factory recommended maintenance.
So, right off he bat, I knew he was an ethical guy. I talked with him for a while and got a good vibe from him. So, I brought my cars to him for maintenance. And, I brought my cars to him after warranties expired for repairs. He was typically several hundred dollars cheaper than the dealerships.
I would typically buy used replacement parts for my cars. I remember my first experience with buying a used part, my water pump went out on my Honda Accord. One of my friends suggested buying a used part at a salvage yard, so I did and saved a lot of money. From that point forward, whenever possible I would purchase used parts or ask the mechanic to use used parts to save money. Typically the salvage yards have a short warranty on their parts just in case it is faulty.
I hope you’ve found my article helpful. Below are some other articles I’ve written that may be helpful:
Buying a used car: 6 tips (Used car buying tips)
Get the highest price for your car: 6 tips (Car selling tips)Paragraph
Get the lowest price for your new car: 5 tips (Car buying tips)
Buying an electric vehicle: 3 tips