Wednesday 29 May 2024

Removing nasty surprises from your vehicle finances

As wonderful as owning a car can be, there is always the unavoidable costs to be taken account of. Having the freedom to go where you want when you want is all well and good, but your budget always has to expand to accommodate this— which is sometimes easier said than done.

While you likely know that you can keep costs down by comparing car insurance quotes and similar strategies, there’s one particular cost of car ownership that is less easy to navigate: the surprise cost. Surprise costs are the ones you don’t really seem to be able to plan for; the random burst of a tyre, the sudden requirement for new brake pads, and so on and so forth. These costs are impossible to predict, and that means they’re impossible to budget for… aren’t they?

Perhaps not— read on to see how even surprise car costs can be brought under control…

Start a contingency fund

Many drivers know they should have a contingency fund for car emergencies and surprise issues, but… they often don’t. When money is tight, contingency funds just seem like a waste of money, and drivers choose to risk going without and just hope for the best. This, however, rarely works, so learn how to build up a fund and then preserve it— you’ll be incredibly relieved you did so the next time your vehicle needs a surprise repair.

Servicing plans

The cost of an annual service is something that many car owners try to avoid. As necessary as a car service is, it’s a cost that you can’t always budget for, especially if you fear a service is going to lead to suggestions for various repairs.

However, services are essential: they help to ensure you don’t have any disastrous surprise costs due to poor maintenance of your vehicle. As a result, look to see if your car brand has an option for a pay-monthly scheme; it’s easy enough to find Mercedes-Benz service plans and other brands tend to offer similar deals. When you pay for your annual service on a monthly basis, the cost is spread and thus more manageable, and the increased level of maintenance should mean there’s fewer surprise breakdowns in your future.

Challenge the warranty

If your car is relatively new, then there’s a chance surprise costs might be covered under your warranty. While car manufacturers can be somewhat notorious for turning down warranty claims, you could still save yourself a small fortune just by asking the question. Read through your policy document and see if you have a case; if you do, outline it in writing and explain why you think your surprise cost is a manufacturing fault rather than driver error. They might disagree and refuse to pay, but if they do agree, then you’ll save yourself a small fortune.

In conclusion

If you keep the above three factors in mind, you should be able to mitigate the surprise costs of running your vehicle— leaving you free to enjoy hassle-free (and budget-friendly!) motoring in future.

** This is a collaborative post

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