When prices rise, people are more likely to skip maintenance on their vehicles. Skipping maintenance, such as an oil change, can cost you more money because you may need to replace parts or replace your vehicle sooner.
When the cost of oil rises, many vehicle owners delay scheduled oil changes. This is because the price of this essential fluid directly impacts the overall cost of maintenance. According to the U.S. Energy Information Administration, the price of motor oil has seen a significant increase over the past decade, with prices rising by approximately 30% from 2010 to 2020. This increase in cost often leads to deferred maintenance, which can have severe consequences for your vehicle's health.
Delaying an oil change can lead to engine damage, which is far more costly than the oil change itself. According to a study by AAA, the average cost of an engine repair due to neglect can range from $1,000 to $4,000, whereas a standard oil change costs between $35 and $75. This stark difference highlights the importance of regular maintenance.
Many people do not set aside money for monthly oil changes, leading to delays in this critical maintenance task. Setting aside funds for vehicle maintenance can help ensure that these tasks are completed on time, reducing the risk of costly repairs. According to a survey by Bankrate, 63% of Americans do not have enough savings to cover a $500 car repair. This lack of preparedness can lead to financial stress and further delays in necessary maintenance.
To avoid the pitfalls of deferred maintenance, it is advisable to create a dedicated savings account for vehicle expenses. Here are some steps to help you get started:
Regular maintenance not only extends the life of your vehicle but also improves its resale value. According to Kelley Blue Book, a well-maintained vehicle can retain up to 20% more of its value compared to a poorly maintained one. This increased resale value can offset the cost of regular maintenance over time.
During difficult economic times, people are more likely to skip automobile maintenance. This act is likely to cost you more money than you suspect. When you do not complete scheduled maintenance tasks, you may end up needing to replace your vehicle sooner. At the very least, you are likely to need to replace some of the parts sooner than later. If you have a funded savings account for your vehicle needs, you will be able to make it through the lean times longer. It may be necessary to get a side job to keep up with all of your maintenance needs.
Maintenance professionals often observe that even regular customers are less likely to get an oil change when prices rise. They also warn that neglecting this task can lead to severe vehicle damage. According to a report by the Car Care Council, 22% of vehicles have low or dirty engine oil, which can lead to engine failure if not addressed promptly.
Neglecting regular maintenance can be devastating, especially in a lean economy. The cost of replacing a vehicle or major parts can be prohibitive, making it more efficient to save money and complete scheduled maintenance on time. According to Consumer Reports, the average lifespan of a well-maintained vehicle is around 200,000 miles, whereas a poorly maintained vehicle may only last 100,000 miles.
In summary, the rising cost of oil and other maintenance-related expenses can lead to deferred vehicle maintenance, which in turn can result in costly repairs and reduced vehicle lifespan. By budgeting for regular maintenance and setting aside funds for unexpected repairs, you can ensure the longevity and reliability of your vehicle. Regular maintenance not only saves you money in the long run but also provides peace of mind, knowing that your vehicle is in optimal condition.
For more information on the importance of vehicle maintenance, visit the U.S. Department of Energy and AAA.
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