Are repairs on a vehicle considered fixed asset?

No, repairs on a vehicle are not considered fixed assets. A fixed asset is a long-term tangible asset that a company owns and uses in its operations. It is not consumed or converted into cash within one year. Examples of fixed assets include buildings, land, and machinery. Repairs to a vehicle are considered maintenance expenses, which are costs incurred to keep an asset in good working condition. These costs are expensed in the current period as they do not provide long-term benefits to the company.