Question

How much should Jenna save up to prepare for car repairs and maintenance? (A lump sum emergency fund just for car repair/maintenance that may come up in the future)

Answer 1

Answer:

$500 per year.

Step-by-step explanation:

Car repairs and maintenance expense is based on the usage of car as well as its present condition. If the car is bought from showroom and is new then it will incur only small amount of expense as its maintenance but if the car is used by various owners then it is likely that maintenance expense can be huge. The average car repair expense is $500 to $800 per year depending on car condition. Since Jenna car is new she should keep the repair estimate to be minimum that is nearly $500 per year or $42 per month.