How much does it cost for car maintenance per month?
Earlier this week, I spoke with my trusted auto mechanic — Sam — about how much the average person should budget for auto repair and maintenance. These are the numbers he gave me: On average $1, 200 per year per vehicle, is a great place to start. This means $100 per month for each vehicle.
The average cost rose 1.17 cents to 60.8 cents per mile, or $9,122 per year, based upon 15,000 miles of annual driving. “Many factors go into the cost calculation of owning and operating a vehicle,” said John Nielsen, AAA Director of Automotive Engineering and Repair.
- Cost To Drive 1,000 Miles
MPG $2 per gallon $4 per gallon 10 MPG $200.00 $400.00 11 MPG $181.82 $363.64 12 MPG $166.67 $333.33 13 MPG $153.85 $307.69
- The IRS Standard Mileage Rate is the rate provided by the IRS for mileage reimbursement for business use of a personal vehicle. In 2017, the rate is 53.5 cents per mile. The rate is a guideline based on average gas prices and average wear and tear on a vehicle (gas reimbursement is a part of this rate).
- Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016. 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016.
One popular rule of thumb says that one percent of the purchase price of your home should be set aside each year for ongoing maintenance. For example, if your home cost $300,000, you should budget $3,000 per year for maintenance.
- One popular rule of thumb says that one percent of the purchase price of your home should be set aside each year for ongoing maintenance. For example, if your home cost $300,000, you should budget $3,000 per year for maintenance.
- Build a reserve. Set aside 1 percent to 3 percent of your home's purchase price each year in a separate savings account specifically for home maintenance and repairs. For example, if your home cost $300,000, set aside at least $3,000 each year. Make one large deposit or spread the amount out in monthly deposits.
- Maintenance and miscellaneous. This is typically the hardest category to estimate, and often people underestimate the amount. A general rule is 1 percent of the property value per year. So a property valued at $180,000 would have $1,800 per year, or $150 per month, in these costs.
Updated: 19th October 2018