How to track your car expenses
You do not need an accounting system to understand what your car costs. A few habits, done every time, are enough: record each expense when it happens, and look at the totals once a month.
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What to record
- Fuel or charging: date, amount, cost and the odometer reading.
- Maintenance and repairs: what was done, the cost and the odometer reading.
- Fixed costs: insurance, tax, parking and loan payments, with their renewal dates.
- Everything else: tolls, car washes, accessories and fines.
The odometer reading matters more than people expect. It is what turns a pile of receipts into useful numbers such as fuel economy and cost per kilometre.
Spreadsheet or app?
A spreadsheet is free and flexible, but it is easy to skip when you are standing at the pump. An app that works on your phone makes it a ten-second job and does the calculations for you. Either works, as long as you actually use it. Pick the one you will open at the moment you pay.
A monthly review in five minutes
- Total the month's spending and compare it with the previous month.
- Check your fuel economy for any sudden drop.
- Look at which category grew the most, and ask why.
- Note any bill that renews in the next two months.
Keep it private and portable
Whatever you use, make sure you can export or back up your records. A history of several years is valuable when you sell the car, because a documented service record can support your asking price.