Tag Archives: car maintenance

saving money for car repairs

Putting Away Money for Car Emergencies

Owning a car provides convenience and freedom, but it also comes with responsibilities, especially when it comes to unexpected expenses. Car emergencies can happen to anyone, from a sudden breakdown on the highway to unexpected repairs that can put a dent in your budget. That’s why it’s crucial to have a financial safety net in place to handle these unforeseen situations. 

Let’s discuss the importance of putting away money for car emergencies and how it can provide you with the ultimate peace of mind.

Expect the Unexpected

Cars, no matter how well-maintained, can surprise you with unexpected issues. A flat tire, a malfunctioning engine or a broken transmission can occur without warning. Having money set aside specifically for car emergencies ensures that you are financially prepared when these situations arise, preventing you from dipping into your regular budget or, worse, going into debt.

Create a Car Emergency Fund

Start by creating a separate savings account specifically designated for car emergencies. Determine a monthly or bi-monthly amount you can comfortably set aside. Even if it’s a small sum, consistent contributions can add up over time. Treat this fund as non-negotiable, just like paying your bills, to ensure it grows steadily.

Budget for Regular Maintenance

Preventative maintenance is key to avoiding many car emergencies. Regular oil changes, tire rotations and check-ups can help you identify potential issues before they become major problems. Budget for these maintenance tasks separately and stick to the schedule. By keeping your car in good condition, you reduce the risk of unexpected breakdowns.

Avoid the Debt Trap

Relying on credit cards or loans to cover car repairs can lead to a cycle of debt that’s hard to break. By having an emergency fund, you can handle repairs or unexpected expenses without resorting to borrowing, saving yourself from high-interest rates and long-term financial stress.

Be Prepared for Various Scenarios

Car emergencies can vary in cost and complexity. Your emergency fund should be able to cover a range of situations, from minor repairs to major replacements. Research the average costs of common car repairs in your area to have a realistic target for your emergency fund.

Regularly Reassess and Replenish

Life circumstances change, and so should your emergency fund goals. As your income increases or your expenses decrease, consider increasing your contributions to your car emergency fund. Additionally, if you ever need to use the fund for a car emergency, make it a priority to replenish the amount as soon as possible.

Save Money on Vehicles with RepoFinder

Having a dedicated fund for car emergencies is financially smart. By planning ahead, budgeting for regular maintenance and being prepared for unexpected scenarios, you can navigate car emergencies without compromising your financial stability. 

RepoFinder.com has a great selection of repo cars, trucks and SUVs being sold by lenders and credit unions. These vehicles were taken from their owners for defaulting on their loans, and they are now being sold at highly discounted prices. Repos are a great way to save money while being able to put more money away for maintenance and repairs. Find your dream car today! 

driving new vehicle

How Often Should You Buy a New Car?

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When you own a vehicle, it can be difficult to know when it’s time for a replacement. Some people make the mistake of assuming they need to replace their car every few years, but the average age of a vehicle on the road is 11-12 years. Standard cars today are expected to keep running up to 200,000 miles, so this gives you an idea of how much time your vehicle has left. 

Maintaining your vehicle will also keep your car in good condition, prolonging its lifespan. Even if you don’t plan on keeping your car for very long, having it maintained is still important. Buyers and dealers prefer vehicles that have received regular maintenance and will pay more for them. Car maintenance should include oil changes, exhaust system checks, brake upkeep and tire rotation and replacement. 

Is it Time to Buy a New Car? There is No One Right Answer

Not sure if it’s time to buy a new car? There are two schools of thought here. On one hand, getting new cars every few years allows you to take advantage of the latest technology and safety features, while also having something new to drive. Plus, you can save time and money on repairs and maintenance. 

On the other hand, buying a car is an investment, and you might like the feeling of owning your car once the loan is paid off. You don’t have to worry about paying off a balance on your vehicle, and you can even decrease your car insurance payments. Car depreciation also tends to bottom out at ten years. 

Signs It’s Time to Buy a New Vehicle 

No matter how long you’ve had your car for and how well you’ve maintained it, no vehicle lasts forever. Your car must provide you with safety and reliability, so if you’re not getting this from a 7-year-old vehicle, it’s probably time for something new. Here are the ways to tell that you need a new car. 

It’s always breaking down

Whether your car fails to turn on or your brakes don’t want to work, these are signs that your car isn’t worth keeping anymore. You shouldn’t have to say a prayer every time you enter the vehicle. If you’re not ready to buy something new, find out what the problems are and how much they’re going to cost. If the cost of repairs is less than half of what a new vehicle would cost, they could be worth paying for. 

It has no tech or advanced safety features 

A number of safety features have been added to vehicles over the years, such as backup cameras and emergency braking. If your car doesn’t have any of these features, it’s time for something new. Even a new-to-you car will have new features that will keep you safe on the road and make it more desirable to drive. 

Your odometer is showing crazy miles

On average, cars last for 200,000 miles or 12 years depending on how much you drive, your maintenance and other factors. Once you reach this many miles, it’s probably time for something new and more reliable. While some well-maintained cars can last for 300,000 miles, it’s important not to push things. 

If you’re in the market for a new vehicle, search on RepoFinder today. We have a large database that includes the banks and credit unions selling repossessed cars, trucks, SUVs and recreational vehicles. They’re being sold at incredible prices, and many are in great condition with low mileage. It’s an easy way to save money while getting something new. 

recently sold repo car

5 Things to Do After Buying a Repossessed Vehicle

Bringing home your repossessed vehicle for the first time is a wonderful feeling! By this point, you’ve probably spent hours upon hours searching for the best repo cars, doing your research on each one and placing bids. 

Now that you have your car, the work isn’t done yet. Repossessed cars were previously owned by someone, and that someone may have neglected their car while they weren’t making their payments. To ensure you can drive safely in your new car, here are five things you’ll want to do after buying your repo. 

1. Transfer the Title and Registration 

The title is a legal slip that shows who the owner of the vehicle is.The seller should be able to process the title and perform the title transfer between you and the previous car owner. You can also apply for plates and registration on your own through your local DMV. This is an important process that must be completed before you do anything else with the repo. 

2. Get Insurance 

The next thing to do is insure your new car. If you already have auto insurance, all you need to do is call your agent and let them know of your new vehicle. If the car isn’t added to your insurance policy and you get into an accident, you’ll have to pay out of pocket for the repairs. And, if you don’t have insurance, work with a broker online or in person to find the most affordable car insurance. 

3. Clean Your Repo 

Your repo belonged to someone else, so you’ll want to give it a good cleaning. Banks and lenders are not car dealerships, so they don’t clean the repos when they come to them. You can choose to have your repo professionally cleaned or you can do it yourself. It all depends on the condition your car is in and your budget. 

4. Perform Repairs and General Maintenance

Some repos need a lot of work and others need none. Again, it depends on the vehicle you bought and how much you spent. Sellers try to make note of the repairs the vehicle will need, but you’re also buying the repo as-is. This means that whatever problems the car has, you will inherit. At the very least, check the oil, change or rotate the tires, change all the filters and replace all other fluids. 

5. Review the Owner’s Manual 

Lastly, look over the owner’s manual. If your car doesn’t have one, you should be able to get one online. The owner’s manual contains basic information about the car so that you can determine the correct tire pressure, recognize the lights on the dashboard and schedule routine maintenance. 

To find the best repos at great prices, shop with RepoFinder.com today. We have a huge selection of repossessed inventory, including pickup trucks, motorcycles, sedans, SUVs, minivans and more.