More than Half of Boomers Struggle To Afford Car Repairs — 4 Things You Can Do
Written by
Choncé Maddox
Edited by
Travis Woods
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Cars can be pretty expensive but the ongoing costs of having a car can also add up too. For baby boomers, many struggle to afford car repairs according to a MarketWatch survey.
In fact, more than 51% of Baby Boomers stated lack of funds to pay for maintenance or car repairs was one of the biggest barriers to managing the upkeep of their vehicles. Being strategic about how you handle these maintenance needs can make a world of difference in saving money and keeping your vehicle on the road. Here are four tips to help.
1. Consider Self-Service Maintenance
Baby Boomers were more likely to change their oil at 4,000 to 5,000 miles rather than the standard 3,000 miles, but getting an oil change is inevitable nonetheless. Around 16.9% started performing this service themselves compared to the 54.9% of Gen Z and 49.2% of millennial respondents who change their own oil.
If you’re able to be more hands on, doing your own oil changes and replacing your own filters, windshield wiper fluid, and lightbulbs can help you save and avoid the extra service fees that auto repair shops tend to tack on. Or, asking a friend or relative for help can still save money in this area.
2. Choose More Affordable Places to Get Service
There are some car maintenance and repair services that are best left to the professionals. Thirty-nine percent of baby boomers rely on car dealerships for services which can be one of the most expensive places to take your car.
It may be better to try a credible independent mechanic or local chain as well as national chains like Jiffy Lube and Firestone to see if you can get the same services done but for less.
3. Ask For a Senior Discount
Take advantage of every opportunity to save on your car maintenance. Many auto shops offer senior citizen discounts, especially on certain days of the week. Also, being mindful of seasonal promotions can significantly reduce your expenses.
Get quotes from multiple sources and compare not just the prices, but also the services offered and the quality of workmanship.
4. Plan Ahead For Unexpected Repairs
Planning ahead financially can provide peace of mind for when those unexpected car repairs inevitably creep up. Set aside a small amount of money each month into a dedicated savings account for car repairs. Treat this fund as an emergency account, only to be used for vehicle maintenance and make sure it’s accessible when needed.
An extended warranty may also be a good investment, especially for older vehicles. While it does involve an upfront cost, it can help alleviate the financial burden of major repairs that may occur beyond the original warranty period.
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