Car repairs: they can be unexpected, expensive, and stressful. You know you need to fix your car and keep it in good shape, but you're not sure how to pay for car repairs both now and in the future. Fortunately, you have options!
Read on to learn how to plan for and fund unexpected car repair expenses.
Help! My Car Broke Down and I Have No Money
A car breaking down is an unexpected expense if there ever was one—and it can be worrisome if you aren't sure how to pay for the repairs. After all, you rely on your vehicle to keep your life running smoothly! If you're stressed about car repairs, take a deep breath and consider one of these ideas for funding vehicle maintenance.
Ask a friend, colleague, or family member.
Just because your car won't start, that doesn't mean you can't get around. Ask a friend or family member to borrow a car (or give you a ride) while you save up to have your own vehicle repaired. Or, offer to chip in for a coworker's gas if they'll pick you up and take you home a few days a week.
If you can, work from home as much as possible to minimize your need for a car, and start chipping away at any extra money for repairs. Plus, when you have to ask for a ride, you might be surprised by how many extra outings (like eating out) you can live without—which means you'll have cash for repairs in hand in no time.
Start a side hustle.
You need to get back on the road, and in order to do that, your bank account needs a boost. Why not pick up a second job that doesn't require a vehicle? You can blog online from home, sell unwanted furniture, or even offer to do housework or babysit for nearby friends and neighbors to save up cash for that car repair bill.
Prioritize your most important car repairs.
There's never a good time for unexpected car repairs, but in some cases, time may be on your side. Here's what we mean: get clarity on exactly which repairs are vital, and which ones could wait until later. You may be able to get your car back on the road sooner than you think, and take care of other minor issues a few months down the road.
Pay off your auto loan and sell the car.
Is the cost of repairs greater than the amount you owe on your car loan? If you have money in savings, you can use it to pay off your loan, sell the car, and get another (more reliable!) car. From there, you can replenish your savings (and start budgeting for car maintenance, too).
Use a short-term personal loan or new credit card to pay for repairs.
While some auto repair shops offer financing, those options don't always work if you have bad credit or a low credit score. Instead, opt for a personal loan, or look for a car repair credit card with added perks and a competitive interest rate.
Foolproofing the Future: How Much to Budget for Car Maintenance
Many car owners tend to neglect some regular maintenance services, but that can come back to bite you later in the form of costly repairs. Once you've gotten your car back in working order, you want to make sure it'll stay that way.
Start setting aside some money each month for manufacturer-recommended scheduled maintenance. Small repairs and regular maintenance can save you cash in the long run, so you'll want to make them a priority—even if nothing is wrong with your car at the moment.
How much should you keep in your car maintenance budget? What about emergency and unexpected repair costs? Look back over your previous year's finances to gauge monthly average car expense amounts. Set aside at least this much every month, and more if you can.
Still not sure what that number might look like? Schedule a Complete Vehicle Inspection at Firestone Complete Auto Care to get a full panel check-up and a rundown on what regularly scheduled maintenance services you need for your car. You can also ask for an estimate of how much they'll cost over the course of a year. Plus, an expert technician can inspect your vehicle and give you an idea of any big-ticket repairs you may need in the near future so you can start saving for those, too.
8 Unexpected Car Repair Expenses (and More) You Probably Haven't Considered
When planning your car maintenance and repair budget, be sure to account for these often-overlooked costs!
1. Insurance rate hikes
No one wants to pay more for the same service, but with the cost of living rising in many cities, insurance increases may be inevitable for some drivers. It's a good idea to set aside extra cash before your policy renews in case your policy cost increases.
2. Tire replacement
You probably don't give much thought to your tires… until you realize they need to be replaced. While tires aren't cheap, it is possible to find discounts and deals with a Firestone CFNA card.
3. Traffic tickets
No driver ever plans on getting a traffic ticket, but things happen. Don't forget to plan for things like speeding tickets and citations for a busted taillight (in which case, you'll need to budget for repairs, too!).
4. Accidents
You may not want to think about the worst-case scenario, but you should definitely plan for it. If you get into an accident, you may have to rent a temporary vehicle and pay out-of-pocket repair costs, depending on your insurance policy.
5. Windshield replacement
While you can repair some cracks, sometimes a windshield replacement is inevitable. Not only is a damaged windshield a safety hazard from a visibility perspective, but it can also get worse over time.
6. Replacing brake pads
Brake pads are easily forgotten when you're planning for car expenses, but they do need to be replaced regularly to keep your brakes functioning properly. To stay ahead of this issue, stop by your local Firestone Complete Auto Care where a professional technician can perform a free brake inspection to help determine how long your brake pads may last.
7. A dead car battery
You won't always know your battery is failing until your car breaks down entirely, and you want to be ready to replace the battery at a moment's notice.
8. Busted accessory belts
When an accessory belt breaks entirely, your car likely won't run. Have your vehicle inspected during regularly scheduled maintenance appointments so you'll know of any potential belt issues before they leave you stranded.
What to Do When You Can't Afford Car Repairs
When penny-pinching still isn't cutting it, you need options. Firestone Complete Auto Care may be able to help. When you sign up for a CFNA credit card from Firestone, you'll have access to car repair financing, tire and special service offers, a competitive APR, and more.* Stop by your local Firestone Complete Auto Care or apply online today!
* Subject to credit approval. Terms and conditions apply.
