Hanging onto Current Vehicle vs. Buying New a No Brainer

Thursday, 08 June 2017 11:39

Hanging onto Current Vehicle vs. Buying New a No Brainer

Buying a new car might sound cool and exciting, but keeping your current vehicle, and continually maintaining it at recommended intervals, makes more economic sense than purchasing a new one, says the non-profit Car Care Council.

“From the down payment to the monthly car payments and higher insurance rates, the cost of buying a new car adds up really fast,” said Rich White, executive director, Car Care Council. “By simply budgeting the equivalent of just one new car payment, you could cover an entire year’s worth of basic maintenance on your current vehicle and redirect the rest to beef up savings, take a vacation, or pay off credit card debt, college loans and other bills.”

In order to realize savings by extending the life of your current vehicle, the Car Care Council recommends following a vehicle service schedule, such as the free personalized service schedule and email reminder service. You should be sure to have your vehicles inspected if you suspect there is a problem and remember to address minor repairs before they become more complicated, expensive repairs. A copy of the Car Care Guide should be kept in the glove box as an auto care reference and can be ordered free-of-charge at www.carcare.org/car-care-guide.

“The average vehicle cost about $3,900 in the early 1970s, but didn’t last anywhere near as long as cars do now. Today, that cost has jumped to over $33,000, and the average age of passenger vehicles is 11.5 years,” said White. “With proper routine maintenance, the typical car should deliver at least 200,000 miles of safe, dependable, efficient and enjoyable performance.”