Whenever you think about the cost of a car, you'll think of the last time you filled up with gas, and then your insurance and car payments. These are huge costs that come with owning a vehicle, but most people forget to factor in the biggest expense of all: car maintenance.
Car maintenance is often overlooked when budgeting, but it is necessary for the longevity and health of your vehicle. Regular maintenance can help you avoid expensive repairs and get your money's worth. Here's everything you need to know about car maintenance costs.
The real cost of owning a car
Car Maintenance | Daniel Acker via Getty Images
Cars are convenient, but they depreciate quickly, are expensive to insure, and cost a lot to buy, especially with the current high gas and repair bills. Most people think the cost of ownership is in the price tag, but that's not the only expense to consider before buying a car.
According to the Kelley Blue Book, the average price of a new car in 2020 was $38,378, but consumers don't buy cars every year, so that amount is paid back while they own the car. Drivers typically keep their cars for about six years. So, if you bought a car without a loan, you would pay an average of $533 each month, and the actual cost of ownership would be about $6,396 per year.
Most people will not buy a car without taking out a loan. So, for a good credit, six year loan, the average annual interest rate is about 3%, or about $500 a year for good credit. Fair credit accrues approximately $2,500 per month in interest. This amount does not include insurance, gas and repair costs.
According to Heels Down, the average annual cost of driving a vehicle includes $5,000 in gas, $1,000 in insurance, and $1,000 in maintenance. All these costs add up to about $10,000 a year to own a car.
Vehicle costs and maintenance vary by vehicle and work location. Many cars typically require more maintenance once they reach mileage milestones. If you spend a lot of time in traffic, drive in extreme temperatures, or make frequent short trips, you may need to bring your vehicle in for more frequent service .
An oil change typically costs between $60 and $300. We recommend changing the oil every 5,000 miles. Replacing the cabin air filter should fork between $25 and $140, preferably every 15,000 miles, every 12 months, or more often if you drive in areas with poor air quality. I have.
You also have to rotate your tires every $8,000 or every oil change to even out wear, which can cost you $25 to $120. From $50 to he can get new tires for $1,000, depending on the mechanic and vehicle.
Multipoint inspections may be free for some services, but some mechanics are ready to pay $250. A mechanic will examine your car, including checking hoses, brakes, filters, and shocks to identify repairs. Brakes Replacing his pads cost him over $300, while wiper blade replacement costs range from his $7 to his $90.
By prioritizing car maintenance, you can keep your car in good condition and prevent unwanted vehicle problems. And with more miles per gallon, you'll be more fuel efficient and safer on the road. Maintenance also reduces the depreciation cost of your car, so if you decide to sell it, you can get a considerable amount of money.
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