Car repairs are one of the most common budget busters around. An unexpected fuel pump failure, worn-out brakes, or a punctured radiator can cost several hundred dollars to have repaired. Most budgets don’t have that much flexibility built-in, but there are ways to handle an unexpected car repair. Here are some ways to handle your car problems.
Use an Emergency Fund
Ideally, you’ll have an emergency fund already set up (we mention this all the time). Typically, you should have between three and six months of expenses saved up. Even $500 in an emergency fund can take care of some of the more common car repairs that might come up. If you have some money saved up, it’s a good idea to use it. Emergency funds are for emergencies, and an unexpected car repair qualifies.
Fix-It Yourself
When a car part breaks down, you’ll need to get a new part. That’s going to cost money. Another cost of the repair is tied to labor. You’ll usually hire a mechanic to handle the repair. However, it’s not always necessary to do so. There are actually many repairs you can do on your own. If you can complete a repair on your own, you can cut the cost and make it easier to stay within your monthly budget. Modern cars are loaded with sensors and mechanics love to charge big bucks to replace them. But your local auto-parts store can often locate the problem for you and then you simply have to go on Youtube and find out how to replace the sensor. Often there is a single screw holding the sensor on and you simply unplug the wire and plug the new wire in. Sometimes you have to remove a few things to be able to access the sensor but it is usually an easy fix. The same with changing brake shoes and or brake rotors.
Buy Used Parts
There is a market for used car parts, and it can be pretty robust. By purchasing new, you’re going to pay a premium. You can buy them aftermarket, or you could go to a local junkyard and look for a lightly used part. Sometimes, these parts will be pretty new even if the car they come from isn’t. Buying used Ford Mustang parts could save a ton. Of course, you probably don’t want to do that for something like break pads which wear out. Rotors might be a possibility if yours are particularly expensive but rotors are actually something that can be refurbished rather than being replaced. If the rotors have deep grooves in them they will tend to wear out the new brake pads faster so you should get them “turned” to make them smooth like new. Many local parts stores can do this for you for a relatively minimal charge.
Get Creative
You might just have to get creative when you need to finance an unexpected car repair without going into debt. If you have some fat in your budget, cutting back on dining out for a month or two could go a long way toward paying for a car repair. Additionally, finding a side hustle that could make a few hundred bucks could help you take care of the repair while sticking within your budget.
No one wants to wind up with an unexpected car repair. If you can save up for one beforehand, you’ll have less stress in trying to fit it into your budget. If you don’t have the emergency savings in your bank account, cutting from other areas of your budget or buying used parts can be a great way to make the repair fit your budget.
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