Did you know that there were over 35,000 fatal car crashes in the US in 2020?
Whether we like it or not, unforeseen expenses are a part of life. Even if we have decent insurance, many times, we have to pay an unexpected lump sum to fix our car problems. While we would all rather save that money for a bigger item, our vehicles are often our lifelines.
That being said, we thought we would take a look at some of the most expensive car repairs you might incur and how to pay for them. Read on.
Table of Contents
1. Engine Repairs
Engine repairs can be some of the most expensive car repairs due to the cost of intricate parts and components, as well as the labor required to complete the job. Many modern engines are very complex, consisting of hundreds of metal and plastic parts.
If something in the engine goes wrong, it can have knock-on effects and cause further damage to other components. If left unrepaired, it can even lead to higher repair costs.
Problems can range from a build-up of corrosion, a broken timing belt, a blown head gasket, or a worn cylinder head. Repairing most of these issues can be extremely costly because of the labor and parts involved.
2. Transmission Repairs
Transmission repairs require specialized knowledge and a high level of skill to complete. Transmission problems can include difficulties shifting gears, issues changing gears, slipping gears, and grinding noises from the vehicle.
The cost of transmission repairs can range anywhere from a few hundred dollars to several thousand dollars. The cost can also vary depending on the complexity of the repair.
With the failure of the transmission, the vehicle will be incapable of being driven. Because of this, it is important to address any transmission problems as soon as possible.
Replacing the transmission requires parts and labor. The parts can be extremely expensive, especially if you need to replace the entire transmission. Labor costs can add up, too, as a professional mechanic must remove and replace the transmission.
3. Head Gasket Repairs
In a typical head gasket repair, labor and parts can cost anywhere from $1,000 to $3,000. This repair usually involves the inspection of the head gasket, the replacement of the head gasket, or both the inspection and replacement.
The cost also depends on the make and model of the car, as head gaskets are specific to each type and model. The cylinder head might also need to be removed and replaced if the head gasket has been damaged, which adds to the repair cost.
How to Pay for Car Repairs
Most people are not prepared for the financial burden that comes with emergency car repairs. It can easily climb into the thousands of dollars.
While an emergency fund will be the absolute best option to cover these costs, options on how you can pay for expensive repairs include applying for a 0% APR credit card, utilizing a retirement account if permitted, financing through the mechanic shop, taking out a loan through an online lender like Ready Payday Loans, or getting an advance on your pay.
Carefully consider the terms and conditions of these financial options before you make any decisions.
Facing the Most Expensive Car Repairs
The most expensive car repairs can break the bank if you don’t shop around and get ready estimates. Taking basic steps to prevent car repairs, like scheduling regular maintenance, can help your car last longer and cost less in the long run.
Overall, plan ahead, shop smart, and pay attention to car maintenance for the best car repair experience.
