Costs for Maintaining an Out-of-Warranty Vehicle on the Rise
The US Consumer Price Index for Motor Vehicle Maintenance And Repair is at a current level of 387.16 (August 2023), up from 383.20 last month and up from 343.68 one year ago. This is a change of 1.03% from last month and 12.65% from one year ago. What are the costs for maintaining an out-of-warranty vehicle?
What are the costs for maintaining an out-of-warranty vehicle?
Costs for maintaining an out-of-warranty vehicle can vary depending on several factors, including the vehicle make and model, its mileage, how well the vehicle is maintained, and where you live. Here are some common maintenance expenses you might incur. In this example, we include costs as they relate to a common vehicle in the U.S., Toyota Corolla L 4dr Sedan (1.8L 4cyl 4A).
- Regular Maintenance: This includes oil changes ($65 — $95), tire rotations ($25 — $40), brake inspections, and other routine services.
- Tires: The cost of new tires can vary greatly depending on the type and brand ($320 — $625).
- Brakes: Brake pad and rotor replacement can cost a couple of hundred dollars or more, depending on the vehicle. Just brake pads alone can run between $240 — $360.
- Fluid Changes: This includes transmission fluid ($120 — $220), coolant, and brake fluid changes, which can add up.
- Repairs: Older vehicles may require more frequent and costly repairs, such as replacing worn-out parts like the alternator, starter, or suspension components. Repair costs can vary significantly.
- Inspections and Emissions Testing: The cost of these can vary by location but is typically not very expensive.
- Auto Insurance: The cost of insuring an older vehicle is generally lower than insuring a new one, but it depends on your coverage and driving history.
- Fuel: Older vehicles may be less fuel-efficient, so you might spend more on gas compared to a newer, more fuel-efficient vehicle.
- Depreciation: While not a direct expense, older vehicles typically depreciate less than new ones. However, they continue to lose value over time.
It’s important to budget for these expenses and consider setting aside a portion of your income to address the costs of maintaining an out-of-warranty vehicle. The above list does not include any major mechanical breakdowns such as an engine or transmission failure or other major components required for vehicle operation. There are offerings in the market that may cover these items such as a vehicle service contract.
To get a more accurate estimate of your specific vehicle’s maintenance costs, you should register your vehicle on Openbay and request price estimates. Openbay will do all the heavy lifting for you — Openbay will deliver price estimates from shops near you.