![]() You can spend this money on routine maintenance, and as time goes on, you’ll build up more money that you can use for repairs. ![]() A great way to do this is to set up a separate “car savings” account, and transfer $100-$200 to it each month. However, a good rule of thumb is to save $1,200-$2,000 for repairs and maintenance every year. There is no way to know exactly how much you should save for your car repairs, because each person’s budget, car, and financial situation is different. The Average Amount You Should Budget For Car Repairs Each Year Is $1,200-$2,000 ![]() ![]() So, how much should you budget? Here’s what you need to know. Once you’re out of your “bumper to bumper” warranty, you will likely have a powertrain warranty that’s good for 5-7 years from when the car was first purchased, which will cover the transmission and engine, but you’ll still want to set aside some money to budget for repairs. New cars are usually covered by a “bumper to bumper” warranty, but this typically only covers your car for three years – which, coincidentally, is the time period during which major systems are unlikely to fail. It will, at some point, likely require repairs. However, there is one disadvantage of buying a used car. Used cars are much more affordable than brand-new vehicles – and because you avoid the initial depreciation of buying a new car, you can stretch your dollar even further. If you’re in the market for a used car, you’re making a great financial choice.
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