I enjoy finding ways to save money and learn new skills. Having enough money to pay for certain things while a spouse is in medical school can be difficult. After all, the easiest way to have more money, is not to spend it. I will outline some things that make a positive impact for me in our budget.
Do basic auto maintenance yourself or find a friend that can. I perform nearly all of my own maintenance on my cars, and for any of my medical school friends. From my experience, a normal shop fee is anywhere from $85-$125 per hour. At this rate, most simple tasks are worth the small amount of time learning how to do them. The tool investment is also small, and pays for itself quickly due to the cost of a professional shop. Some simple tasks are changing your battery, changing oil, checking all of your fluids, replacing brakes, and replacing spark plugs. Oil changes usually include an oil check, coolant, power steering, and washer fluid. Having brakes replaced, spark plugs, or any work not included in an oil change will be put on an hourly rate. Instead of paying a shop to replace your battery, take it upon yourself to go to a store that sells auto parts and make the battery purchase yourself. The shop will be buying a similar (or the same) battery and marking it up. In addition to that, most of the large chain stores will replace your battery for you at no charge. This is dependent on your make and model, but most vehicles are simple to replace.
How I justify doing the work myself. If you’ve ever taken a car to a shop you will know that it is extremely expensive. The billing is based on the “book” time for completion of the task. So if the job will take 2 hrs of shop time, the bill could be anywhere from $170-$250 for the work (excluding parts). I look at this number and see that if this is work I can manage, I could save this money. Not only could I save money, but with the approximate cost between $170-$250, I could purchase the tools for the job. This sets me up for future work or if I know somebody that needs help with similar maintenance. As an example, most vehicles with gasoline engines have spark plugs that are relatively easy to replace. A shop will charge about 1 hr for most vehicles, resulting in a cost of $85-$125 without parts. So, a car owner could spend $85-$125 on the tools (and their time) to complete the job themselves and it would cost the same.
Why I use full synthetic engine oil. Saving money on small maintenance tasks adds up. I drive about 22,000 miles/year. I use full synthetic oil and run it for about 12,000 miles between oil changes. Running full synthetic costs about 25% of conventional oil, and I have had a lot of success with it. An oil change usually costs me about $36 for 12,000 miles, while conventional would cost me about $32 for 3,000 miles. From information, I show that for 12,000 miles of conventional, it would cost about $128. This is almost 4 times the cost of full synthetic oil for the same distance. I understand that full synthetic engine oil is not the beat choice for every vehicle (especially brand new vehicles) but it works well for me. Having a shop change your oil for you can still save a lot of money. If you’re car is not made to handle full synthetic oil, don’t use it. Look in the manual or contact the manufacturer to find out if it’s okay to use.
My recent work. I was getting some odd feelings in the steering when driving and when I checked out my car I had quite a few components that needed to be replaced. I prices out parts from some aftermarket vendors and ordered them to my house. I had to replace a lot of the steering, bearings, and suspension components, which cost me about $500 in parts. The approximate labor cost for a shop to replace these parts would have been about $750-$1,250. So, looking at that kind of price, I chose to purchase a few tools for myself and completed the work at my house. This kind of work is not within everyone’s abilities, but it is within mine.
“Renting” Tools. If you don’t want to purchase any tools, there are auto parts stores that sell parts, and rent tools. One of the greatest things about their tool rental is that it is “free.” When renting tools the store will charge you the cost of the tool, which means that you have purchased it. After you are done with the work, they allow you to return the tool in good working condition and refund you all of the money. As long as you don’t want to keep the tools for yourself, just return them for a full refund.
Tips for the reader.
Do what you feel comfortable doing. If you don’t feel comfortable doing work on your car, don’t. It’s better to have someone help you, or pay someone if you feel uncomfortable. I do not condone performing work outside your abilities or comfort zone, it can be dangerous.
Learn how to tell when you have a problem. If you don’t want to do your own work, try to get good at finding upcoming problems before they become big problems.
Learn online. I find it best to look up how other people are doing the work. This can make it a lot easier and get an idea on how long it will take and how much it will cost.
Purchase parts for the shop. If you are not going to do the work yourself, buy the parts and take them to the shop. This makes it so that you get the parts you want, and there are less overhead costs. The shop will still charge the same on an hourly basis, and you will have more money in your pocket. Make sure to do research on exactly which parts you need and they will fit before ordering.