New-car envy. It happens to all of us. But is buying a new car really the best solution if your current vehicle is still keeping you safely on the road, even with the occasional hiccup?
It might feel fun or even easier to buy a new car rather than saying yes to repairs- at least until your new car payments (with interest) start. Sometimes getting a new car is the right choice for you, but if you calculate your actual costs, buying a new car can actually be more expensive than the repairs your current car might need.
Cars built in the past decade are more reliable than ever. Although the average age of all cars on the road is 11 years, many newer cars will provide trouble-free service for 200,000 miles especially when you follow the Recommended Service and Maintenance for your vehicle. Hanging on to your current vehicle can not only free you from a new cycle of monthly payments, but also save you big bucks on insurance, taxes, and other expenses that buying a new car brings—not to mention the depreciation factor of a brand new vehicle. In fact, on average new cars lose 46 percent of their value in the first three years.
Another factor to consider, is that building a new car is an energy and resource intensive process. Oil and ore are mined to be turned into the raw materials for vehicle parts, carbon emissions and electricity turn those supplies into actual components, and then more natural resources are depleted to assemble the resulting parts into a car. At the end of it all, literally tons of metal, plastic, glass, and rubber that didn't exist before, are created to build new cars at an environmental cost that is negatively impacting the planet, long before the new car ever hits the road.
So should you hang on to your old wheels? It depends on a lot of factors, including the condition of your car and your finances. If your Mechanic is spending more time with your car than you do and your repair bills are close to new-car payments, it’s probably time to trade up. But even if a more costly repair is recommended, it might make more sense to go a head and approve the repair. Having a Certified Mechanic you can trust, can also help guide you in the best direction to prioritize repairs, both from a cost and time perspective. Older cars are almost always worth keeping when they are well maintained by a Certified Automotive Service Technician.
Reincarnation Inc. The Subaru Guys is a full service Automotive Repair shop in Albuquerque, New Mexico. Our team of ASE Certified Mechanics are available to answer any questions you may have in regard to keeping your current car safely on the road.
The Subaru Guys
The Subaru Guys
1300 2nd St NW
Albuquerque NM 87102