Last week was a pretty negative one for the market. The NASDAQ, a tech-heavy index, suffered a correction, or drop of more than 10%. The S&P 500 has been down for three weeks, mostly due to concerns about how the Federal Reserve Bank is going to handle inflation. With these drops, should we all panic and sell? Absolutely not. You haven’t lost any of the shares you had. And, if you’re actively investing in your 401(k), an IRA, or other systematic investment, you’re buying more shares with each purchase.
Some place you should spend a little time is on your car maintenance. I recently had an issue with my daughter’s car. Believing that going to a dealer, with factory-trained technicians and OEM parts, would lead to a better outcome, we took her car into the dealership for a number of repairs.
We found out that the repairs were either not done, or done incorrectly, when she suffered a catastrophic brake failure while on a road trip to North Carolina. So how do you protect yourself when you need work done on your car?
Check the repair shop’s reputation. Just like anything else, ask for recommendations, read reviews, and do your research up front. An independent shop will be able to access most everything a dealer can, thanks to a 2012 Massachusetts law that has been voluntarily agreed to across the country. This includes failure codes, shop manuals, and special tools. The one exception is current telematics data, although legislation is pending on that as well.
Look for technicians who have training through ASE, Automotive Service Excellence. They issue the prestigious Master Technician certification. Manufacturers also offer training to dealership employees. You should be able to see the training certificates, and you can ask what training the technician working on your vehicle has completed.
It’s messy, but you have the right to ask for the old parts when a repair is done. Had we done that, we would have known that the axle seal was not replaced.
You can also ask for a technician to take a test drive with you, particularly for hard-to-diagnose or intermittent problems.
Finally, keeping your vehicle well-maintained is the best way to lower overall repair costs.
Your action item to take this week is to check the filters on your HVAC system. Dirty filters make your system work harder, increasing operating and maintenance costs. And while you’re at, check your smoke detectors, too.
You can always find more information on our Facebook page, or our website at covingtonalsina.com.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. CovingtonAlsina and Great Valley Advisor Group are separate entities from LPL Financial.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The opinions voiced in this show are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investment(s) may be appropriate for you, contact the appropriate qualified professional prior to making a decision.