Budgeting for Vehicle Maintenance

Imagine you’re ready to set off on a much-anticipated road trip, and your car decides it’s the perfect time to break down. 

Annoying, right? 

But don’t worry; there’s a way you can lower your chances of breaking down… Regular servicing and maintenance. 

Yet, regular vehicle maintenance isn’t just about preventing these annoying disruptions to your plans; it’s a smart financial strategy. By being proactive and checking your vehicle is in peak condition, you save more in the long run compared to the costs of reactive, emergency repairs.

At Fergies, we believe in the proactive over reactive approach. Our specialist servicing technicians have the skills, experience and technical know-how to spot any issue before it worsens. 

You save money on future repairs with us. 

To help you save even more money, our experts have created this comprehensive “Smart Saving” guide, so if your vehicle catches you off guard and requires a repair, you’ll be ready.

Statistics and Costs: The Real Price of Neglect

When it comes to repairing your vehicle, there isn’t a set value for it. You could spend anything from £100 to £1000+ depending on the amount of work and the type of repair that’s needed.

So, can the price of neglecting your vehicle put a dent in your wallet?

Unfortunately, yes, it can. 

Something as ‘simple’ as ignoring a service light can lead to costly engine damage. 

A typical example is ignoring signs of timing belt failure. Simply replacing a timing belt before it fails might cost a few hundred pounds. But, if it actually fails, you could be looking at needing a new engine. 

That’s a whole different story.

One of the simplest ways of staying ahead of the game is to perform regular check-ups (servicing) so you can spot minor faults early, before they worsen.

A survey by The Express revealed that the average vehicle repair cost in the UK is around £803, which is staggering. [1] What makes it more shocking is that your vehicle could break down at any point, leaving you trying to find the money for the necessary repairs.

It’s one of the many reasons we offer you a 0% finance payment option for your vehicle’s repairs at Fergies. 

We do the work, and you pay a convenient monthly payment to split the cost of your repair bill. You can crack on with your day without worrying about your finances. 

We even provide you with better-than-dealership value.

Does your vehicle need a repair? Call Fergies today for a quality first-time fix. 

Budgeting Tips: Your Maintenance Financial Planner

While we offer a 0% finance payment plan for your repairs, we always recommend setting aside some money for a “rainy day” – as they say. 

By allocating a specific budget for vehicle maintenance, you’ll be well prepared for any unexpected repair costs. 

But how much should you set aside? 

It depends. There are many factors to consider when it comes to budgeting for your vehicle’s maintenance repairs. Some of the main factors to consider are:

• Mileage – The more mileage you rack up, the more maintenance your vehicle will need. 
• Your Vehicle’s Age – As your vehicle ages, your maintenance costs will begin to increase. This is largely down to the wear and tear of your car’s parts. 
• Manufacturer recommendations – Each vehicle will come with its own maintenance recommendations. You’ll usually find these in your vehicle owner’s handbook. 
• Vehicle Brand – Unfortunately, the costs of maintenance and repairs differ between brands. What you’d pay to repair/maintain a SEAT would be considerably different to what you’d pay to maintain or repair a Porsche. 

How Much Should You Budget?

From our experience, we’d recommend saving around £67 a month. This should cover most repairs that your vehicle may need. Remember that this figure will vary depending on the factors mentioned above, so adjust them accordingly.

If you’d like to save a little more to cover yourself further, that’s up to you.

At Fergies, we take the guesswork out of this equation. Our experts can help estimate your maintenance costs over two years, ensuring you’re prepared and not surprised with your maintenance bills.

Regular Maintenance Schedule: Your Car’s Health Checkup

Regular vehicle maintenance is like a regular health check-up for your body – essential for smooth operation and longevity. 

Adhering to a structured maintenance schedule can prevent costly repairs and ensure your vehicle’s safety, performance and reliability. 

A typical maintenance schedule should include:

Monthly Checks – Inspect your vehicle’s lights, tyre pressure and fluid levels (oil, coolant, brake and transmission).

Every 6 Months  – Change the oil and oil filter and check the windshield wiper fluid, power steering fluid and battery health.

Annually – Perform a thorough inspection that includes the exhaust system, brakes, fuel filter and air filter. Also, check your vehicle’s cooling system, radiator hoses, HVAC system and suspension. If you live in the UK, you’ll also need to have an annual MOT to ensure your vehicle is roadworthy (this is a legal requirement).

Bi-Annually – Replace windshield wipers to ensure maximal visibility. Regularly inspect your tyre tread depth while looking for other signs of wear and tear. You should also rotate them as recommended by the manufacturer (see your owner’s handbook), usually every 5,000 to 10,000 miles.

By following this schedule, you can catch potential issues early (keeping repair costs down), maintain optimal performance, and ensure your vehicle remains roadworthy. 

Need help figuring out your vehicle’s maintenance schedule? Call Fergies and speak to our specialists.

Long-Term Savings: Planning for the Big Stuff

While you can set aside a monthly amount for minor repairs and for your vehicle’s maintenance requirements, you will still need to consider the worst-case scenario… unexpected significant repairs or replacements. 

Urgh, I know. Talk about a financial nightmare. Nobody likes shelling out money on new tyres, timing belts or other costly repairs.

But, if you can set aside some spare cash for these issues, it will remove some of the stress that can come with paying repair bills. If not, that’s where our finance payment plans come in to help – ask us about them when you book in. 

Budgeting For Your Vehicle Maintenance And Repairs

Gone are the days when you’d need to sit down with a pen, paper and a calculator and figure out how to budget to afford these repair and maintenance costs. 

Thankfully, we’re in the digital era, and there’s an app for everything, including vehicle maintenance and budgeting.

These tools can help you track and plan your expenses, sending reminders for scheduled services and inspections. 

Some of my favourite budgeting apps are:

• Emma
• Plum
• HypeJar

Have a look around the internet; there are loads out there. 

Insurance Considerations: What’s Covered and What’s Not

To legally drive in the UK you need vehicle insurance. 

While you might have insurance for your vehicle-covering accidents, fire and theft, it doesn’t always mean you’re covered for every eventuality. 

Sure, your vehicle’s insurance might cover some damages, but it’s crucial to understand the fine print. Not all types of damage are covered and being aware of these limitations helps plan a more accurate monthly maintenance budget.

Conclusion: Safety and Savings Hand in Hand

In conclusion, regular vehicle maintenance is more than just a chore; it’s a financial and safety strategy. 

By planning and budgeting for your vehicle’s needs, you’re saving money in the long term and ensuring a safer, more reliable driving experience. 

Whether you set aside money each month or take advantage of our flexible 0% payment options to spread the cost of your repairs, taking action today is better than doing nothing at all. 

Be proactive with your vehicle’s maintenance and save yourself a ton of money in the long run. 

Need help navigating these waters? Call our team of experts today at Fergies for all your vehicle’s MOT, repairs and maintenance needs.

Call Now 01635 778002Save on Car Servicing

References: [1] https://www.express.co.uk/life-style/cars/1600324/cost-of-living-crisis-drivers-huge-car-repair-costs