Buying a new car might sound good in theory, but these days, a new car purchase is out of reach for many Americans, according to a recent CNBC report. With the average cost of a new vehicle higher than ever at $30,500, spending a fraction of that money on making your current vehicle last longer makes good financial sense, says the Car Care Council.
“Hanging on to your current vehicle allows you to redirect money you would spend on a new car to pay off credit card debt, college loans and other bills, beef up savings or even take a road trip vacation,” said Rich White, executive director, Car Care Council. “By simply budgeting the equivalent of just one new car payment, consumers could cover an entire year’s worth of basic maintenance.”
Even if serious engine trouble strikes, keeping your current vehicle is the sensible economic decision. For the cost of an average down payment on a new car or truck, a vehicle can be repowered with a remanufactured/rebuilt engine and gain years of reliable service without monthly car payments and higher insurance rates.
“In the early 1970s, you could buy a house for $30,000, and the average vehicle cost $3,900 but didn’t last anywhere near as long as cars do today. Now, the average age of passenger vehicles is 10.8 years, the oldest ever,” said White. “With proper routine maintenance, the typical vehicle should deliver at least 200,000 miles of safe, dependable, efficient and enjoyable performance.”
The Car Care Council is the source of information for the “Be Car Care Aware” consumer education campaign promoting the benefits of regular vehicle care, maintenance and repair to consumers.