Financial Strain: The Rising Cost of Car Repairs

The escalating expenses of car maintenance can impact your daily routines, money, and overall safety. Luckily, there are some ways to ease the burden.

Current Costs for Car Ownership and Maintenance

The cost of owning and maintaining a car has seen a significant rise in recent years because of the increased price of car parts. According to recent data, the average cost of performing basic maintenance on a car can range from $300 to $1,200 annually, depending on the type of vehicle and the extent of work needed. And that's not even including the cost of a new car or even repairs for unexpected damage.


(Graph provided by Bankrate)

This sharp incline in costs is causing many car owners to try and save money on their car by delaying trips to the shop. Routine services such as oil changes, tire rotations, and brake pad replacements, which used to be relatively affordable, are now contributing to the financial strain on car owners. The growing expense of parts and labor means that even minor repairs can end up costing more than anticipated, leading to financial burdens.

Safety Concerns Linked to Increased Repair Prices

The costs of car maintenance don't just impact your wallet; it can also have serious implications for your safety. When repair prices become too high, some car owners may delay necessary maintenance or opt for cheaper, less reliable fixes. This can lead to unsafe driving conditions, increasing the risk of accidents and mechanical failures.

For example, delaying the replacement of worn-out brake pads due to high costs can compromise your vehicle's braking ability, posing a significant danger to you and other road users. Ensuring that your car is in optimal condition is crucial for your safety, and the increased prices of repairs make it more challenging to maintain this standard.

Understanding the Role of Warranties

Warranties play a crucial role in mitigating the financial impact of car repairs. A good warranty can cover the cost of parts and labor for a wide range of issues, providing peace of mind and financial security for car owners. It's essential to understand what your warranty covers and to keep it up to date to avoid unexpected expenses.

It's important to find a good warranty plan that can help you manage the rising costs of car maintenance. Most warranties are designed to cover everything from routine maintenance to major repairs, ensuring that you are not left with hefty bills. It's a great way to protect you from unforeseen expenses and put an extra layer of monetary protection on your vehicle. You can always talk with your member service representative at Levo to learn more about the kinds of warranties we offer.

Navigating Financial Solutions

Besides finding a good warranty, there are more ways you can manage your finances without sacrificing your safety. One practical approach is to set up a dedicated savings account for car maintenance. This can help you manage unexpected expenses without disrupting your overall financial stability. It's a good way to save your cash for times when you'll need it most, and keeping those funds separate from the rest of your money is a great way to ensure you're using that account only for car-related expenses.

Exploring financing options for major repairs and seeking out service providers that offer payment plans can ease the immediate financial burden. Levo also offers lines of credit or small loans you can take out to help with managing large expenses.

Even with car prices so high, there are ways you can take back control over your spending and give yourself a breather. Getting a warranty, starting a new savings account, or taking a small affordable loan are just a few ways you can do it. Don't be afraid sit down with someone at your financial institution if you need to discuss your options.