Vehicle Maintenance and Repair

Started by Shaina P.
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Shaina P.

I purchased a new vehicle in 2011. After payoff, I decided to save for maintenance and repairs instead of renewing the warranty. Having no idea of what savings goal to set, I made an arbitrary decision to save 10% of the BlueBook value every year. Turned out to be a pretty good decision. My car is 9 years old and I now have enough to cover any repair. She's still in great condition but should needed repairs be too costly, I have enough saved to either buy a cash car or put a pretty good dent in the financing of a new (used) vehicle.

People say it takes discipline to save - of which I have none of. But earmarking my $ for a specific purpose has worked exceptionally well for me. It is highly unlikely I'll spend money intended for my car on something that's less important than its upkeep and maintenance.

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Gina H.

This is a great strategy. I've just begun to start saving specifically to upgrade my 24 year old car. I think I've kept him running for as long as I can and it's just time.

I will start saving 10% of the blue book value of a car I would like to buy, that will help me save for the car aggressively and give a real purpose and guideline for saving.

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Deveri D.

That is a good ideal to save 10% of your car blue book value. I have never heard of that…but that is a good way to have funds set aside for just that reason.
Thank you, for the information

Deleted user

I purchased a new vehicle in 2011. After payoff, I decided to save for maintenance and repairs instead of renewing the warranty. Having no idea of what savings goal to set, I made an arbitrary decision to save 10% of the BlueBook value every year. Turned out to be a pretty good decision. My car is 9 years old and I now have enough to cover any repair. She's still in great condition but should needed repairs be too costly, I have enough saved to either buy a cash car or put a pretty good dent in the financing of a new (used) vehicle.

People say it takes discipline to save - of which I have none of. But earmarking my $ for a specific purpose has worked exceptionally well for me. It is highly unlikely I'll spend money intended for my car on something that's less important than its upkeep and maintenance.

@Shaina P., you say that you don't have discipline, but you set a goal, made a decision to save towards achieving that goal, and ultimately achieved your goal. Seems pretty disciplined to me. A lot of this personal finance thing is finding tricks and techniques that work for you, which you've done. Great work!

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