Car Expenses

I did a post about some car expenses and issues I was dealing with a couple of months ago. Well, I’m dealing with these issues again as someone hit my car again. So, I’m reposting this for everyone to make sure that they are thinking about expenses related to cars.

Cars/vehicles are essential to the majority of people and especially important to those of us who live in the United States because our cities are not designed for mass transportation. And other than their house, cars are most folks largest investment. It is also well known that cars are also a terrible investment because they often lose a third of their value as soon as you drive them off the lot. But most of us still absolutely need them for our transportation needs.

Recently, I’ve had three major events that have really opened my eyes to exactly how expensive cars continue to be. First, I’ve added a teenage driver to our insurance policy. Even with discounts for driver’s education classes and a good student discount our insurance doubled. That was eye opening but expected.

The next event happened six weeks later when he was involved in a minor accident. Thankfully, no one was hurt and it was not his fault so our insurance did not go up. But the accident highlighted several things about repairing a car. The first challenge was finding a body shop without a weeks long waiting list. Some issues are COVID related backlogs however it is also a product of how expensive new and used cars are that people will fix cars rather than replace them. Next, all the additional features that cars have now increase the cost of fixing them. My vehicle only had some minor damage to the front fender area however there are proximity sensors that needed to be changed and two panels were damaged. Most modern cars now have plastic panels that cover the body and even minor damage to the panel can result in the entire panel to be replaced. And add to that most body shops don’t stock a huge inventory and the cost of painting the panels and a seemingly simple repair can take weeks which it did in my case. Bottom line is that there are no such things as cheap repairs. That is also reflected in the cost of the insurance we pay which has had to rise to meet these more expensive repairs. It is very frustrating.

Finally, I’m dealing with a significant repair to my current vehicle. The car is just over seven years old and I accept that it is going to have things that break. I’m actively in the process of saving money for the eventual replacement of this particular vehicle however sticker prices of new cars are just shocking. At least we appear to be turning the corner where dealerships are asking for money above MSRP but there aren’t many really great deals out there that I have seen. Therefore, I’m actually happy to pay for a pretty expensive repair because it is still so much cheaper than buying a new or used car. I feel a little lucky that it looks like this major issue was caught early with a routine oil change before it became a much much bigger issue. That allows me the option of getting it repaired versus being stuck having to replace it. It didn’t take me long to seeing that even an expensive repair is still the better option. But it is still quite the financial punch.

So, in conclusion, have emergency funds for the unexpected which will happen at unexpected times. Realize that cars are really very expensive and be very careful with what you have. As they have improved in both capabilities and safety, they have also become more expensive to operate, maintain, and repair. Don’t skip on the routine maintenance as that is a big risk and do the best you can and make smart decisions with the insurance that you carry. Don’t go cheap and make sure you have enough to protect yourself. Not everyone can ride a bus or a bike as our primary means of transportation.

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