How much should I budget each month for repairs?

 
A big thing to consider is how much you’re willing to spend each month on maintenance.  While many drivers choose to save a buck whenever they can, skipping out on car maintenance will not only shorten the lifespan of your vehicle, but it could also cause you to spend more money in the long run.
 
To get a feel for how much you could be spending, here are some factors to consider when budgeting for car repairs:
 
Age
 
If you want to determine a rough estimate of how much you’ll need, look at some of your past statements to see how much you’ve spent on repairs over the last year. Divide that figure by 12, and you’ll have a solid idea of how much you should be putting aside each month.
 
If this number seems a little high, you should realize that older vehicles tend to need more repairs than newer ones, so you’ll likely be spending less if you recently purchased a new car. However, if you want to play it safe, put a little extra aside.
 
Maintenance history
 
The more you spent on maintaining your car, the less you’ll likely need to spend on big repairs in the future.
 
If you’re someone whose neglected car maintenance over the years, the number you’ve calculated may be far lower than what you should realistically be spending. Remember that in addition to vehicle repairs, you should be setting aside extra cash for oil changes, other fluid changes, tire rotations, tire alignments, and air filter changes – just to name a few.
 
If you’ve regularly maintained your vehicle in the past, the original number you’ve calculated is likely a good representation of how much you’ll spend in the future, meaning it’s unnecessary for you to set aside any extra money moving forward.
 
Mileage
 
Like age, mileage is another important factor in determining your monthly budget. As you’re probably well aware, you’ll need to spend more on repairs as the mileage on your vehicle creeps up. If you’ve already broken the 150,000 kilometre threshold, be aware that you could end up spending a bit more money in future.
 
Tips for budgeting
 
If the thought of setting aside an extra $100 every month feels a little overwhelming, you should realize that it’s likely not as bad as you think.
 
It’s hard to spend money that you don’t actually have, which is why it’s in your best interest to separate your car expenses from the rest of your savings. If you need to, set up a separate savings account that is designed solely for car repairs. Some banks will even allow you to automatically transfer a predetermined amount into the account each month, so you won’t even have to worry about setting aside extra cash on your own.