With rising interest rates and the cost of living on the up, we take a look at how we can reduce the costs of keeping our car in top shape.

Nowadays, everything is becoming more expensive, including services, automobiles, holidays, furniture, and clothing. 

Sadly, there is little indication that inflation will stop next year. 

Additionally, the market has put consumers in a vulnerable position as a result of the Fed's recent three-quarter point increase in benchmark interest rates.

Greg McBride, chief financial analyst at bankrate.com, told CNBC that interest rates are rising at the highest rate any of us has witnessed in our adult life.

The interest rates on credit cards, mortgages, and auto loans are at their highest levels since 1995, 2008, and 2012, respectively.

Consumers are making cuts to their expenditures and tightening their budgets in this situation. 

For instance, the car sector is currently seeing a decline in sales after experiencing fantastic sales during the epidemic.

According to Cox Automotive, sales of light new vehicles would drop 2.1 percent from June 2022 and 13.4 percent from July 2021. 

Consumers want to know how to keep their new and used automobiles in excellent shape while reducing maintenance and repair costs in light of these developments. 

So let's look at some ways to reduce the cost of auto repairs.

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