Navigating the rite of passage that is driving, is an exciting prospect for many teenagers. Far too often, however, the cost implications of owning and maintaining a car are overlooked. The primary consideration usually pertains to fuel prices, which unfortunately comprises merely a fraction of car-related expenses. Therefore, it becomes essential to educate young drivers about the financial aspects of car ownership to avoid potential complications.
REGULAR CAR MAINTENANCE EXPENSES
A fundamental lesson to impart is the significance of regular car maintenance. Apart from fuel, teenagers need to understand the basics of how to maintain a car. Consistent servicing can prolong a car’s life and save significant costs over time. Necessary maintenance expenses include:
1. Tire Inflation: The weather and wear can affect tire pressure, making inflation necessary at a gas station (around $2) or using a personal air compressor (approximately $20 – $30).
2. Windshield Wiper Blades Replacement: Should the windshield get streaky or the wipers squeak, your teenager needs to consider a replacement. The average replacement rate is yearly to bi-yearly, with costs ranging from $10 – $25 per blade.
3. Cabin Air Filter Replacement: On an annual basis, or every 15,000 – 30,000 miles, the car’s cabin air filter should be replaced. The cost typically lies between $15 – $100, depending on DIY or professional installation.
4. Engine Air Filter Replacement: Engine air filters need replacement every 15,000 – 30,000 miles, costing from $20 – $100.
5. Oil Changes: Generally conducted every 3,000 – 5,000 miles, or extended up to 10,000 miles for synthetic oil. The price could range from $45 – $100.
6. Tire Rotations: Typically performed during oil changes, tire rotations can cost between $45 – $90, although you might earn a discount when clubbing these two procedures.
Highlighting the importance of regular vehicle care can help teenagers establish good car ownership habits.
LESS FREQUENT COSTS
Apart from regular maintenance, certain costs need to be addressed every few years, depending on vehicle type and usage. It’s a good practice to keep an emergency fund for these expenses:
1. Light Bulb Replacement: Headlights and taillights replacements cost around $10 – $20 per bulb, usually every 3 – 5 years.
2. Battery: A car battery typically lasts between 3 – 5 years and costs from $50 – $120.
3. Fluid Exchanges: Necessary to ensure smooth vehicle operation, these services range between $80 – $150 per fluid type and happen every 30,000 – 35,000 miles.
4. O2 Sensor Replacement: Integral to your car’s operation, these sensors need replacing every 60,000 – 90,000 miles and can cost between $100 – $200 per sensor.
Brake pads, tire replacements, and more routine, but significant, expenses also fall in this category.
EXCEPTIONAL COSTS
Several costly repairs, although infrequent, can surface unexpectedly. If should these occur, teenagers must be prepared with their emergency funds.
The potential costs for replacements or repairs include serpentine belts ($100 – $200), compressors ($400 – $600), timing belts ($500 – $900 or up to $2,000 if broken), brake lines ($1,000), catalytic converters ($1,000 – $1,700), suspension systems ($2,500 – $3,500), and transmissions ($4,000 – $5,000).
SUMMARY
Car ownership comes with a variety of expenses, but there are strategies to manage these costs effectively. Ensuring your teenager drives a newer, more fuel-efficient vehicle and regularly maintains it is crucial. By highlighting potential driving expenses early on, you equip them to better handle these responsibilities in the future.
In what ways have you educated your teenager about the real cost of car ownership?
