Happy Monday Everyone! This is the very first post in my Annual Expenses series. If you didn’t see the introduction post that summarizes all of my expenses, check it out here. I plan to go into detail on every category with a post on one each Monday. Over 2017 and 2018, I spent an average of $1300 per year on auto maintenance and repairs and I believe I could spend a bare minimum of $500 per year if I had to. This, in particular, is an expense I am able to spend a lot less than I otherwise would on because I do as much of my own work as possible. I try to only do that in areas of life where it is worth my time and with most shops charging at least $70-80 an hour for labor alone, not including marking up parts, this is definitely one of those. Here come the details.
First off, that $1300 number would be significantly lower if I hadn’t done what I consider a minor overhaul on the truck I had until near the end of 2017. At a total cost of roughly $1500, I replaced all four sets of brakes (pads and rotors on the front and all drum components on the back), the two front wheel hub assemblies, and most of the steering and suspension parts. This would likely have cost at least two to three times that figure if I’d had a shop do the work. That said, there would have been some cost savings since there was a lot of overlap in the labor. That was why I did all that at one time; not everything needed to be done right away but it made sense to do it all as long as I was going to have everything apart. Whether you do your own work or pay someone else to do it, this is something I recommend you think about. It usually won’t make sense on a newer vehicle, but on an old dog like my truck, it certainly did since anything that wasn’t already bad was definitely likely to be before long.
I wasn’t able to do all of it myself, mind you. When doing steering and suspension work, an alignment is usually required when you’re finished and that requires expensive equipment and know how. But by doing most of the work myself, I got basically everything done that my high mileage truck would need to keep running reliably for at least a few more years, aside from basic maintenance. I’m not a mechanical genius by any stretch but with auto repair work, you can find instructional videos on just about any repair for your specific vehicle on youtube. If you are at least a little bit mechanically inclined, have a basic set of tools, and particularly if the repair is on the less complicated end, like brakes for example, I highly recommend this route to learn a new skill and save a ton of money.
What do I do in a normal year? I spend roughly $200 on oil changes with what I believe is the best oil money can buy (Amsoil), I clean and lubricate my performance/reusable K&N air filter and cabin air filter for free, I have the tires rotated every 5k miles or so (done for free at Discount Tire, the best tire store I’ve ever found), and that’s about it for routine stuff. I also spend money on other maintenance items like brakes, coolant, transmission fluid, etc, but none of that has to be done every year. I went into detail about those kinds of items here. I highly recommend you keep all the basic maintenance up to date on your vehicles. It will cost you some money and time on the front end but in the long run, it will save you tons of both. While your costs will vary based on which additional maintenance items need to be done in a given year, if you keep up with it, your average annual cost should be around $500. Note that this is for one regular vehicle. If you have a truck or SUV it will be more and if you have a giant diesel truck or you buy a vehicle that is known for mechanical issues (avoid that by checking out this post), it will be a lot more.
I do spend a little extra keeping my vehicles clean and waxed/polished because I can, because I like the look of a clean car, and because keeping the paint looking good will keep the resale value as high as possible. In my case, this costs me $20 per month on unlimited, high quality car washes, and maybe $5-10 per year on wax and polish. These aren’t things you would absolutely have to do for a car to operate properly, but if your car looks nice now, keeping it that way will most likely more than pay for itself when you end up selling it.
That’s about it. If you have any questions or comments, please leave them below or send me an email at email@example.com. Next week, Monday, I’m going to be covering my Cash Donations category in this series of posts.