If you don’t control your money, your money will control you. Today let’s focus on getting control over the cost of auto repair and maintenance.

The Cost of Owning a Car

Here’s a look at all the budget categories you may want consider when attempting to nail down your auto expenses:

• Purchase price – payment (cash and/or financing and interest) to acquire the vehicle
• Taxes - paid when you buy or sell the vehicle
• Fuel - the gasoline/fuel you need to make the vehicle run
• Insurance – all levels auto insurance including personal liability, collision, comprehensive, roadside assistance, etc.
• Tags and registration – state vehicle registration, license plates, and renewal tags
• Repair and maintenance - tires, oil changes, and all other repairs and maintenance necessary to keep your vehicle operational

Benefits of Controlling These Costs

Many of the benefits of controlling your auto maintenance costs are similar to those you experience when gaining control over any area of your money, so let’s focus on those that are specific to the topic. Proper budgeting for auto repair and maintenance will allow you to:

• Have a better relationship and better communication with your auto mechanic
• Prepare/plan better so you don’t have to race to get oil changes before your next trip
• Reduce your maintenance expenses going forward
• Relax in the knowledge that you’re prepared

You can achieve all of these things simply by setting aside enough money to cover your expenses. That way you won’t have to stress or worry about where the money is coming from – if it can be found at all.

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