Owners of older cars often enjoy immense satisfaction in not having to shell out the bucks every month for a car payment. On the other hand, as the car ages, the uncertainty surrounding “what will conk next?” can sometimes burst that no-more-payments bubble.
Conversely, the new car driver knows s/he’s facing plenty of debt, but also realizes that new car is far less likely to break down.
Are you wondering whether you should repair your current vehicle or cough up the sizeable cash for a new car? A car salesperson might make that new set of wheels sound awfully enticing, but what are the true costs of a new car vs. maintaining your current ride? You might be surprised.
The average new car price has jumped in recent years. Kelly Blue Book analysts reported earlier this year the estimated average transaction price for U.S. light vehicles as $34,428 in December 2015. That’s a $297 (0.9%) jump vs. the same period the previous year and a $248 hike (0.7 %) compared to the previous month.
In its report, “What that car really costs to own,” Consumer Reports concluded: “In the end, it is almost always less expensive to hang on to your current car than to buy a new one. Even the most expensive repair bills for an old car can’t outweigh the cost of depreciation on a new one.”
Could it be that new car smell is giving off a serious funk, after all?
At CARS, we want you fully informed as you weigh this important decision. We urge you to check out these resources for details on the trust cost of a new car:
Our goal at CARS of America is to give you the best auto repair advice for you and your needs—accurate, unbiased and without regard for “the sale.” We take the time to thoroughly inspect your vehicle every time you visit our shop at no charge to you. We’ll help you prioritize necessary repairs and offer expert advice, including deciding whether to buy that new car or repair your current one.
Remember, when you choose CARS of America in Evanston or Glenview, you can finance repairs for 12 months with 0% financing, and you’ll drive home with the best auto repair warranty anywhere. With our Lifetime Repair Warranty, your auto repair is guaranteed for as long as you own your vehicle.