Good Morning DINKS. Other than your home, house, or apartment what is the biggest expense that you have. Think about all of the money that you spent last month…both fixed expenses as well as surprise emergency expenses, where did you spend the most money? It is very possible that your car was your most expensive cost. Some people buy the car of their dreams and they don’t worry about the cost. Some other people buy the car that gives them the best value for their money including efficient gas consumption.
The main financial downfall of owning a car is the fact that it is an asset which depreciates in value. Another main financial downfall of owing a car is the fact that we can have expensive fixed monthly costs such as insurance, finance payments, and gas. There are also variable costs associated with owning a car such as regular maintenance fees, car wash costs, and unexpected repairs.
According to MSN here is a list of the most expensive car repairs:
1. Replacing Turbochargers and Supercharger Assemblies. These are the parts that force air flow through our engine which helps increase both power and efficiency. Approximate cost $1600.
2. Replacing the Torque Converter Assembly. This piece of our car acts as the link between the engine and the transmission. It acts as a clutch in an automatic car and it allows us to come to a complete stop without hurting the engine and stalling our car. Approximate cost $1800.
3. Replacing the Catalytic Converter. If you have ever had a smog check then you know what this is. It is the part that detoxifies exhaust emissions and decreases our cars impact on the environment. Approximate cost $2600.
4. Replacing our Hybrid Battery. When a hybrid battery needs to be replaced it also requires the motor assisted battery to be replaced because the motor assisted battery charges the hybrid battery. Total approximate cost $2700.
5. Replacing the Injection Pump. This is the part of our car that pumps gas into the engine and as you can imagine it is a vital part of our car. The cost of replacing the injection pump varies depending on the labour involved. Approximate cost $2900.
6. Replacing the Camshaft. This car part can accumulate debris buildup over time if we use lower grade gas and if we don’t regularly change our oil. The camshaft operates the valves that let air flow into our engine. Approximate cost up to $3100.
7. Replace Cylinder Head Assembly. This is usually the car part with the problem when our “check engine” light comes on. It is a problem that has to be addressed as soon as possible because it can cause our car to overheat which can hurt our engine.
8. Replacing the Transmission Assembly. Our car couldn’t run with a transmission and unfortunately it is a part of our car that is usually neglected. The transmission is just as important as our engine and therefore we should take care of both. Approximate cost $3600.
9. Replacing the Hybrid Inverter Assembly. Hybrid parts are hard to come by, they aren’t yet available at every local auto store or garage. Therefore the cost to replace hybrid parts can be very expensive. The Hybrid Inverter changes direct current power to alternating current power. Approximate cost up to $7400.
10. Replacing the Cylinder. If all other aspects of our car such as clean air, fuel, and sparks do not properly cooperate together then our cylinder can over heat and stop functioning. Approximate cost up to $8000.
Photo by Megavas
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
My mud/snow tires cost $250 each! Yikes.
@Financial Samurai – Yikes that is a lot of money!
Great ……very useful articles. Thanks for sharing.!!
I usually but used cars and save lots of money, but every once in a while the older cars require a big expense, and it sure hurts the wallet!