How to Determine Vehicles yearly maintenance costs?

Valerie Raskovic

Oct 29, 2024

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As a car owner, it's essential to budget for yearly maintenance costs to ensure your vehicle runs smoothly and efficiently. However, determining these costs can be a bit challenging, as they vary greatly depending on several factors, including the vehicle's year, make, model and condition. In this article, we'll explore how to estimate your vehicle's yearly maintenance costs and provide tips on how to save money on repairs and maintenance.

There are multiple reasons why yearly maintenance costs cannot be just averaged out based on some generic stats and figures. In fact, each vehicle will have its individual requirements and standards beyond what is recommended by the manufacturer. To fully understand and plan for upcoming vehicle maintenance it is vital to explore all the factors that influence your specific vehicles maintenance costs.

Factors Affecting Vehicle Maintenance Costs

There are several major factors that influence the maintenance costs of a vehicle. We have outlined some of the most significant factors below:

1. Vehicle Age: As vehicles get older, maintenance costs tend to increase. This is because older vehicles require more frequent repairs and replacement of worn-out parts. It is important to understand services are not performed just based on mileage. For example, an average synthetic oil change should be performed at around 5,000 miles or every 12 months regardless the mileage driven within that time.
2. Mileage: Vehicles with high mileage tend to require more maintenance than those with lower mileage. Each year, make and model vehicle will have a schedule of services that will need to be performed at a certain mileage. For example, a 2012 Subaru timing belt should be replaced at 105,000 miles. As you can imagine this is not a minor service like an oil change and will cost in excess of $1000. So, it is absolutely vital to familiarize with all of the manufacturer service dates and times to know what to expect and when. It is vital to familiarize yourself with the vehicle manual as well as stay informed on service bullets that may be issued by the manufacturer.
3. Make and Model: Not all vehicles are created equal. Car’s maintenance requirements will vary by manufacturer, year and individual models. Some vehicles are designed to be more reliable and require less maintenance, while others may need more frequent repairs. This is why it is important that you research the vehicle not only based on its sale price and value but also based on its long-term maintenance costs prior to making a purchase decision.
4. Driving Conditions: Vehicles driven in harsh weather conditions, such as extreme temperatures, heavy traffic, or off-road driving, may require more frequent maintenance. For instance, if you drive in a lot of stop and go type of traffic you may need to check your brakes and tires more frequently as they will wear faster over a shorter period of time.
5. Maintenance History: Vehicles that have been well-maintained tend to require less maintenance than those that have been neglected. Preventative maintenance is almost always better than getting stuck with hefty repair bills.

Average Yearly Maintenance Costs

As mentioned above it is very difficult to estimate an average maintenance cost of any class of vehicles. Average maintenance costs are more accurate when they are based on a specific year, make and model vehicle.  However, according to various studies, we were able to get an overall rough average of yearly maintenance costs for different types of vehicles within the first 7 years of ownership.

• Premium Vehicles: $1,200 - $2,400 per year
• Luxury/Exotics: $5,000 – 14,600
• Sedans and Compact Cars: $800 - $1,200 per year
• SUVs and Trucks: $1,000 - $2,500 per year
• Electric and Hybrid Vehicles: $500 - $1,000 per year

How to Estimate Your Vehicle's Yearly Maintenance Costs

To estimate your vehicle's yearly maintenance costs, follow these steps:

1. Check the Owner's Manual: Review your vehicle owner's manual to see what maintenance is recommended and how often.
2. Research Online: Look up maintenance costs for your specific vehicle make and model online. Websites like Kelley Blue Book and Edmunds provide estimated maintenance costs for various vehicles. It may also help to research suggested maintenance intervals on official mechanic forms and websites. Keep in mind in some cases the manufacturer may be incentivized to stretch the maintenance schedule to reduce the vehicles first 5 year of maintenance costs. For instance, BMW has suggested 10,000 mile oil change intervals however, most automotive professionals are in agreement that it may be a bit excessive especially in harsh stop and go driving conditions so, the general consensus amongst professionals tends to be no more than 7,000 miles. 
3. Consult with a Trusted Mechanic: Talk to a mechanic who is familiar with your vehicle's make and model to get an estimate of maintenance costs and schedules.
4. Keep Track of Maintenance Records: Keep a record of your vehicle's maintenance history, including oil changes, tire rotations, and repairs. This may help you stay organized and may also help when you go to sell the vehicle.

Tips to Save Money on Vehicle Maintenance

1. Regular Maintenance: Regular maintenance can help prevent costly repairs down the road.
2. Oil Changes: Regular oil changes are among the most important maintenance items as they can help extend the life of your engine.
3. Tire Rotations: Regular tire rotations can help improve fuel efficiency and extend the life of your tires.
4. Shop Around: Compare prices for maintenance and repairs at different shops to find the shop with a good reputation and fair prices.

Conclusion

Determining vehicle yearly maintenance costs can be challenging, but by considering the factors mentioned above and following the steps outlined, you can get a better estimate of what to expect. Remember to always prioritize regular maintenance to prevent costly repairs and extend the life of your vehicle. By being proactive and taking care of your vehicle, you can save money and ensure a safe and reliable ride.