Comments on: Should you save for car repairs?

By: Adrian petersen

Adrian petersen — Sat, 13 Jun 2009 14:25:41 +0000

yes, it s really a good idea to save for car repairs we have to do a check up every 3 months with an expert and a daily check by our selves it s something necessary, i have a car and i do a check up every month when i wanted to sell it they gave me a good price.

By: joanna

joanna — Tue, 09 Jun 2009 19:05:32 +0000

I kept thinking about this and posted about it. Thanks again for the good thoughts!

By: Revanche

Revanche — Thu, 04 Jun 2009 19:22:05 +0000

Little late chiming in here, but absolutely. Somewhere between my mom’s 2nd and 7th flat tire/tire blowout, I started saving money specifically for car maintenance and basic repairs.

I have the luxury of not considering them emergencies, and basic maintenance most certainly isn’t, so I love that car issues are no longer dinging my regular expenses or emergency funds. It flows so much more nicely now!

By: Emily

Emily — Tue, 02 Jun 2009 18:30:26 +0000

There are times when I definitely think it’s wise to have savings for car issues if you can. I’ve had to buy two new car tires in the last few months and that alone is pricey. However, rather than create a separate account for it, I’m just contributing to a general emergency fund. If I have a major car issue, the money can go toward that, but I’m also keeping the funds available for other types of crises.

By: Kate

Kate — Tue, 02 Jun 2009 17:03:38 +0000

We have an “irregular expenses” fund, where we save for things like bi-annual car insurance payments, renters’ insurance, dues for various organizations, etc. We include car repair costs in here – we assume a few hundred dollars per year on each of our two cars. If we don’t spend that, then fine – it just builds up.

As far as buying new tires, I’d suggest NTB. If you spend a bit more on the installation costs (I think $24/tire, or at least that’s what it is near us), they provide a warranty on the tire. If a 60k tire wears out at 20k, they’ll only charge you 33% of the cost of a new tire. Also, since NTB is a national company, they’ll honor this even if you’re on a road trip and your tire blows somewhere far from home.

By: Postcard Mailing

Postcard Mailing — Tue, 02 Jun 2009 06:10:24 +0000

I think it’s a really good idea to save for car repairs, or at least regular car check ups and maintenance costs. My car’s not really new, and it’s been through a lot! So I find it really useful that I don’t have to panic or worry about where I’m gonna get the money to pay for car repairs or upkeep.

By: Kacie

Kacie — Tue, 02 Jun 2009 03:09:23 +0000

Thanks for the site, Rebekah! I’ll check it out.

By: Kacie

Kacie — Mon, 01 Jun 2009 23:59:20 +0000

I guess another reason I feel fine with tapping the e-fund is that right now, we’re in savings mode and we’re throwing a bunch of money into it anyway. Whether it’s marked for “car” or just “general emergency” wouldn’t really make much of a difference.

Right now, we have 6+ months worth of expenses and it would more than cover a few huge car repairs.

I do think that as the car gets older and we put more miles on it, it would be better to start saving for those bigger repairs. The car does have an extended warranty and that’s good for another two years, I believe (I shoulda mentioned that earlier!).

So once that goes away, then having a car fund makes even more sense.

By: QuickHits: Ireland in the Summer Edition | Prime Time Money

QuickHits: Ireland in the Summer Edition | Prime Time Money — Mon, 01 Jun 2009 22:22:47 +0000

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By: Shevy

Shevy — Mon, 01 Jun 2009 19:58:59 +0000

There’s a difference between a car emergency, like having to replace your alternator, and having to do scheduled maintenance, like change the oil or replace the tires.

It only makes sense to put aside a small amount each month for the second kind of expense. That way, you will always be able to take care of the maintenance in a timely manner.

As for car emergencies, our car crises have tended to run somewhere between $700 and $2,000 and occur every year or two. If you have enough in your emergency fund that you will still have money left afterwards (in case you get hit with a double whammy like car and illness) then it’s okay if you’re comfortable with using your emergency fund for this sort of thing. If it would wipe you out, that probably means you either need an extra (separate) fund for car repairs or to add more money to your regular emergency fund.