So you want to do some of your own work on your vehicle, that's great, nothing wrong with having some self-sufficiency, but before you go diving under the hood, here are some essentials that you will want to make sure you have in your tool box, in addition to your normal assortment of screwdrivers, pliers, and sockets.
1. Ratcheting Box Wrenches: These are great to have in your tool box, because there are times when you need the abilities of a ratchet in terms of applying extra torque to remove a bolt or nut, but only have enough space to get a wrench in. The prices aren't too bad for full sets depending on who you like, somewhere between 100 to 300 dollars for a full set of upper end wrenches (Craftsman, Snapon, Matco, Klein) but if you aren't able to afford that much you can still find brands such as Black & Decker and Husky that run in the 50 to 100 dollar range.
2. Digital Multi-meter: If you are trying to do any electrical troubleshooting, this is an essential. Not only will it allow you to test for power, but you can also test for continuity between components and resistance (important if you can't see the relay inside a fuse). A base level multi-meter by Sperry will run you between 15-20 dollars, up to spending a couple hundred dollars for a multi-meter by Fluke.
3. Wire-stripper: If you're going to be replacing wires, then you don't want to be trying to strip the wires with side-cutting pliers or a pocket-knife, you will want to invest in a good quality wire-stripper, you can get a Craftsman stripper for about 10 dollars, you can also get higher end ones from Klein or Ideal tools that cut the sheath and remove it from the wire for 35-45 dollars.
4. Allen and Torx head drivers. Not the ones that have the T-handle or are L shaped, but ones attached to a screwdriver handle. This is an ease of use issue. I own all three types, but for most placement of Allen and Torx head screws and bolts on vehicles, its just more comfortable to use a screwdriver handle.
5. Torque wrench. This should go without saying, but there are parts if you take them off, they have to be reattached with a specified amount of torque or else the part may become damaged. Note to the weak of pocket book, good torque wrenches are not cheap, they will run a minimum of 100 dollars and go up from there. But when you need a precise measurement of torque, you will get what you pay for.
6. Flourescent droplight/extension cord. If you've ever used an incandescent droplight, you know they are good if you are trying to stay warm, but if staying warm isn't an issue, then you will want to go with the flourescent because they run cooler, are almost unbreakable, and don't cast as much glare making it a lot easier to see what you are working on.
7. Non-contact IR temperature guage. These are good for checking the temperature to let you know of something going on, like a misfiring or dead cylinder, an underinflated tire, or a brake problem because you will be able to see a temperature difference.
8. A current repair manual for your vehicle that gives you step by step instructions on how to perform various repairs. Without this, all the tools in the world aren't going to help you fix your vehicle efficiently or correctly.
There are thousands of other items you can buy (literally), but most of them are used far and in-between because you are not always going to have need for a plasma cutter, oxy-acetylene torch, gear pullers, air rachets, or a glass beading cabinet.
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