To buy new or to maintain what you have… that is the question. When it comes to the cost of owning a vehicle, weighing the advantages of maintaining your current car versus purchasing a new one becomes a crucial decision and there are several factors to consider.
By exploring the financial implications, we aim to shed light on the advantages of sticking with your current vehicle and provide valuable insights into how proper maintenance can lead to long-term savings.
Let’s explore the cost of owning a newer vehicle versus the cost of maintaining your older car.
Over the past few years, the cost of purchasing a vehicle has seen a significant increase. According to data compiled by Eric Mileham via RPM Training, the average cost of a vehicle in Canada was $39,107 in July 2019. However, by January 2023, the average price had risen to $58,478. This rise in prices, coupled with higher interest rates, means that buying a new car today comes with higher monthly payments compared to a few years ago.
By opting to maintain your current car, you can continue to benefit from the lower monthly payments you secured when you initially purchased it. This allows you to allocate the money you would otherwise spend on higher car payments towards maintaining your vehicle and preserving its value. Let’s delve into some of the advantages!
Lower Monthly Payments:
If you purchased your car a few years ago, chances are your monthly payments are considerably lower than what you would pay for a new car today. By sticking with your current vehicle, you can free up your budget for other essential expenses or allocate it towards proactive maintenance measures.
Affordable Routine Maintenance:
Routine maintenance, such as oil change services, tire rotations, and regular inspections, is generally more affordable compared to the substantial financial commitment of buying a new car. Taking care of your current vehicle helps prevent potential mechanical issues, minimizing the chances of costly repairs down the line.
Properly maintaining your car can significantly extend its lifespan. Servicing your vehicle regularly, addressing any minor issues promptly, and adhering to the manufacturer’s recommended maintenance schedule (or a tailored plan from a trusted automotive shop) can help prevent major breakdowns and keep your car running smoothly for longer. This translates into savings by avoiding the expense of purchasing a replacement vehicle sooner than necessary.
To put the cost comparison into perspective, let’s consider some numbers. In 2019, the average monthly payment over 60 months for an average-priced new car was $789.60. However, by 2023, with the increased vehicle prices and interest rates, the average monthly payment had risen to $1,309.12. To get close to a monthly payment of $789.60, one would need to extend the payment period to 96 to 108 months (9 or 10 years!).
When comparing the cost of maintaining your current car versus buying a new one, it’s clear that there are compelling advantages to keeping your current vehicle. By leveraging the lower monthly payments, you secured when you purchased it, allocating funds towards routine maintenance, and prioritizing proactive care, you can extend your car’s lifespan, save money in the long run, and contribute to a more sustainable approach to transportation!
At Visscher-Pau Automotive, we understand the importance of maintaining your vehicle. Our team of experienced auto technicians is here to assist you with all your car maintenance needs, providing quality service that helps keep your car running smoothly and ensuring you get the most value out of your investment.
Contact us today to schedule an appointment and experience the benefits of proper vehicle maintenance firsthand. Drive with confidence and enjoy the advantages of longevity, value, and sustainability by choosing to maintain your current car with Visscher-Pau Automotive.