The cost of car ownership is a significant amount. When the time is right to purchase your next vehicle car maintenance be sure to consider the actual cost of ownership, with trips to the mechanic not excluded. If you are looking to have your oil changed or having tires changed are both expensive.
AAA found that drivers spend an average of $9,666 towards their vehicles in 2021. This is an increase of $279 from the previous year and because gas costs rise it’s important to be prepared for costs for your vehicle when planning your budget for the car that is best for you.
Key statistics on car maintenance
- The median cost of operating an automobile in 2021 was $96,666.
- The average car owner pays $1,771 annually to insure their car with full coverage.
- License, registration, and vehicle taxes are $600 per year
- For drivers with newer cars, it is recommended to have their oil changed every 5,000 – 7,500 miles
- One in three drivers cannot pay for unexpected car repairs
- 7.9 percent of drivers have put off the routine maintenance of their cars.
Regular maintenance of your vehicle keeps your vehicle running as it ought to and consequently it keeps both you and your passengers secure. The cost of maintenance varies based on the type of vehicle as well as age and where you live however there are some basic needs that every car should have.
In general, your car is likely to require a visit from the mechanic to maintain it at least every 5,000 miles or so. Check your owner’s guide for more details on your vehicle’s requirements.
While mechanics are here to assist you, they’re trying to earn money. Therefore, while the majority of maintenance will require expert assistance, think about what you can tackle at home and save money.
There is a good chance that you’ll need to replace certain parts of your vehicle, because of wear and tear or other issues.
Whatever the reason the price for the replacement depends on the component that requires replacement. Two main factors that impact the cost of replacement are luxury vehicle vehicles that have higher prices for components and market prices. Consumers also are directly affected by the rising cost due to price inflation and access to car parts.
Technicians rarely possess extra batteries and transmissions, as well as brakes in stock, and rather must purchase the items. Insufficient supply has impacted repair time, and there are still long wait times for parts. Reports from across the country continue to mention delays in the delivery of components, and Cars.com reports continued shortages of parts at dealers and mechanics.
It is important to be prepared for higher than normal replacement costs because of an increase in the prices of materials used in vehicles. Similar to how pandemic-related supply chain problems have led to the need for fewer cars and parts, the cost of replacement has been in decline too.
Unexpected costs will always be incurred during the course of ownership. It could be an unintentional accident that damages an interior area of the vehicle or something more serious, like the possibility of a collision. Whatever the case, it’s essential to have an extra sum of money to cover unexpected repairs that occur.
AAA found that almost 1 third of drivers can’t afford to cover unplanned repairs. While the costs are generally not your fault but you can avoid future stress by budgeting for the most likely scenario.
It is also recommended to research and locate a repair shop with a great reputation and reasonable costs. Contact your insurance provider and find out what’s covered prior to making repairs. Here’s a brief overview of typical repairs that could occur and the costs related to them.
Cost based on the type of vehicle
While the model of the vehicle has a direct impact on the price of maintaining it, however, the model of the vehicle can also be a significant impacting factor. Below is the cost of ownership of a vehicle for five years and seventy-five thousand miles.
AAA discovered this amount by calculating depreciation, financing and insurance, fuel and registration fees, as well as license taxes, maintenance repairs, and tires. The lowest price for maintaining vehicles is electric vehicles. However, the half-ton pickup is the most costly to maintain.