How to Create a Vehicle Maintenance Budget

Living in New England, we have harsh weather and conditions that require maintenance and repairs. Unfortunately, most of the time, those repairs will sneak up on us. To save you from the unexpected repair bill, here are some tips for creating a vehicle maintenance budget.

Collect all the receipts or records from your vehicle for the past year

The best way to get an accurate idea of how much you spend in repairs per year is to collect all your receipts, vehicle maintenance histories, and paperwork about your vehicle. VIP makes this very easy with our SmartTracker program. When you register with our SmartTracker, you have access to all your car’s maintenance records and how much each cost as well as coupons and reward points, which can be converted into certificates for money off your services.

Add all your yearly costs together

Now that you have all of the records for your vehicle for the year, you can add them together and divide by 12. This will give you an average monthly maintenance expense that you can begin to save every month. For example, if over the past year, you’ve spent $500 in your vehicle’s maintenance, you should save at least $42 a month for your maintenance budget.

Evaluate your vehicle’s current condition

Take into consideration the age and condition of your car. If it’s a vehicle that has considerable miles or is older than seven years, you may need to increase your monthly budget to cover potential significant repairs that may arise. At the same time, if last year, you had a one-time extensive repair and do not anticipate needing to spend the same amount this year, reduce your budget. You can also take advantage of many of the seasonal deals that VIP offers like Free State inspections, $10 off any oil changes, Brake, Battery, and A/C Checks, and Alignments to save money. Join our email list to be the first to know when we’re offering these special money-saving offers!

Create a special fund for your maintenance budget

Just like an HSA, create a separate fund for your vehicle maintenance that you only use to repair or maintain your vehicle. If you have a difficult time keeping funds separate, consider putting your budget in a savings account so that you can only draw money from it when you specifically need it.