You’re driving along, not a care in the world, when all of a sudden your car starts making a funny noise: Ka-chunk, ka-chunk, ka-CHUNK, ka-chunk, ka-CHUNK…
It’s an alarming noise. Sounds like it’s going to be expensive.
Do you have the money to fix it?
According to a new AAA survey, 1 in 3 U.S. drivers can’t pay for an unexpected auto repair.
The average cost of car repairs is $500 to $600, and major repairs to the engine or transmission cost a lot more. That’s why 64 million Americans wouldn’t be able to pay for repairs without going into debt.
To avoid a crisis, AAA advises drivers to save at least $50 a month for unexpected costs. (For help with that, here are our tips on how to build an emergency fund.)
The cost of repairs can soar even higher when a vehicle has been poorly maintained. A previous AAA survey found that one-third of U.S. drivers skip or delay recommended service or repairs.
Before a breakdown happens, AAA recommends you:
- Follow the manufacturer’s recommended maintenance schedule.
- Identify a repair shop you trust. Visit AAA’s site to find a local AAA-approved auto repair facility.
If faced with an unexpected repair, AAA suggests you:
- Get a written estimate for the repair and clarify with the shop the work your vehicle needs. Consider getting a second opinion to confirm the diagnosis.
- Negotiate the repair bill with the mechanic. Ask if the shop offers any discounts or payment plans that can reduce immediate out-of-pocket costs.
Finally, AAA has these tips for maintaining your vehicle:
- Batteries: They typically last three to five years. Have your battery tested when it reaches 3 years old and annually after that.
- Tires: Keep tires properly inflated, and routinely check the tread depth. AAA found that 60% of Americans don’t check their tire pressure regularly.
- Engine oil: Check the level and condition of your oil regularly.
- Belts and hoses: Look for worn, cracked, blistered, or soft belts and hoses.
Your Turn: Could you pay for an unexpected car repair?
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He hates car trouble.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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