I've been trying to minimize my car expenses without being one of those people who ignores problems until the car explodes and I wanted to share what's been working for me plus get other ideas because I feel like cars are just money pits if you let them be
What I'm doing now is all my own oil changes and basic maintenance which saves me probably $400 a year, I buy parts online instead of from shops when I need stuff replaced because the markup is insane, and I joined a car sharing program for the rare times I need a bigger vehicle instead of owning something larger… my insurance is the bare minimum legal coverage because my car is only worth like $6k and full coverage seemed wasteful
The thing I'm struggling with is the uncertainty around major repairs because I can't DIY transmission work or engine problems and those can cost thousands which would wreck my budget, I've got about $2k in emergency savings but if something major happened that wouldn't cover much, my coworker suggested looking at extended coverage and I found some affordable options through Chaiz but I'm not sure if that's actually frugal or just paying for something I might not use
How do you guys balance being financially responsible about car ownership with also being frugal and not overspending on stuff you don't need, where's the line between smart planning and just wasting money on coverage you'll probably never use.
Saving money on car ownership without being totally irresponsible about maintenance.
byu/Immediate-Olive-357 inFrugal
Posted by Immediate-Olive-357
5 Comments
I don’t cheap out on the liability insurance. If your car isn’t worth much then you may not need full replacement coverage for the car, but you don’t want to get sued and wages garnished if you are in an at fault collision and someone ends up in ICU. Ask around at work and your friends etc. to find a good and reasonably priced mechanic in the area for the things you can’t do yourself.
This is highly dependent on the car you have. Does your make/model have a history of these major repairs? Whether to spend the money on major repair should be compared to the cost of getting a new vehicle.
Extended warranty coverage is rarely worth it and there’s a lot of fine print to work through to make sure they would cover certain repairs.
My opinion…
Insurance, in just about all forms, is a bet against the odds. Otherwise, they’d not make money.
Good for you on the DIY of the basics. The mid-tier stuff, like brakes and radiator flush, are doable with help from friends, YouTube, maybe a DIY car club that offers tool, encouragement, instruction, etc. You may have to invest in some tools, but they will pay for themselves many times over.
The big stuff when it happens… probably best left to a pro. But shop around – local mechanics are usually better (and a whole lot cheaper) than a dealership. I’ve also known dealer mechanics that work on the side on weekends. Maybe the local vocation school’s auto program would be a resource.
Full coverage on an older car is only needed if you can’t buy a replacement car outright. IMO
Personally, I let the village mechanic do everything. I get the car in to him for yearly inspections, they check it through, do what is needed.
I hate doing work on a car. I tried changing a burnt out bulb once, took me nearly an hour, cut myself twice on some sharp metal edge, was cussing almost the entire time.
Having anything done and someone who actually knows their stuff is worth it to me and I keep telling me that it safes myself money as bigger failures are catched beforehand.
So, basically its a philosophy and willingness thing.