If your car needs repairs, the first thing to do is figure out whether the repair cost is greater than what the car is currently worth. You can proceed if the vehicle is worth more than the repair cost.
If you’re not sure how to come up with the money you need, though, you might have to get a little creative. We’ve got some suggestions for how to find the necessary cash.
1. Pull from Your Emergency Fund
Finding ways to cover a car’s repair costs will look a little different for everyone. That’s because not every individual has the same financial resources available. In that respect, it’s like looking at ways to pay off debt. One person’s strategy may not be the best option for another.
With that in mind, some individuals can look to their emergency fund to cover a critical car repair. Not everyone has such a fund, but if you do, now is probably the time to use at least part of it. You likely need your car, and you’ll want to avoid having it out of commission for any longer than necessary.
2. Lower the Cost
When you take your vehicle to a mechanic, they’re liable to give you a long list of things they claim are wrong with it. The question you need to ask at that point is what’s absolutely necessary to get the car functional and back on the road again.
When you put it that way, you may be able to get the mechanic to drop the price a little since you’re insisting they only do the most vital work.
3. DIY
You can also look at what the mechanic says is wrong with the car and decide whether you can handle any of the work yourself. If you need new brakes, that’s probably too important for you to tackle unless you know a great deal about vehicles.
If there’s something on the list like changing the oil, though, you can probably accomplish that yourself. Watching a couple of YouTube videos that show how to do it should help.
4. Get a Second Opinion
Getting a quote from a different mechanic before moving forward might make sense. You might even get a third and fourth opinion if you’re facing major automotive repairs.
Getting multiple quotes from mechanics is similar to getting a few different ones before a home improvement project. You’re likely to find a range of quotes, and if you don’t have much money to spare, it’s beneficial to go with the lowest bidder.
5. Look Into Any Discounts or Specials
Some auto body shops offer discounts or specials on certain kinds of work, like fixing your alignment. If what you need to be done to your car qualifies, these discounts can save you some money. Do some online research and see if any mechanics nearby will cut you a deal. You might ask friends or family members if they know of any discounts on the kind of work your vehicle needs.
6. Make Budget Adjustment
If you’ve come this far and still don’t have the money you need, you might look at your upcoming budget for anything nonessential. If you have any money you were going to spend dining out, buying a new phone, getting a haircut, etc., put that toward your car instead. Those other things matter, but getting your car back on the road is probably more pressing.
Get the Repairs You Need
Once you’ve looked at your budget for nonessentials and raided your emergency fund, that might be enough to cover the repairs. If not, looking for specials and discounts makes sense, as does getting additional quotes from other mechanics. Make sure to consider whether you can handle any minor automotive repairs yourself, and only ask the mechanic to repair the most pressing issues.
This formula is often enough to get your car operational again.