East
Find
How do you know if it’s time to change vehicles … sell that old steed and buy that new thoroughbred you’ve been eyeing? If you are analyzing your personal situation from a pure cost standpoint, you would be money ahead keeping your current vehicle – and continuing to maintain all critical wear components. If cost is not a factor and you are hankering for a new steed, then follow your heart. However, it’s those in-between situations that are most difficult to decide. For those situations, here are a few car facts provided by the folks at Consumer Reports:
• Depreciation (vehicles loss in value): This is the largest single ownership cost during the 1st six (6) years of a vehicle’s life.
• Ownership costs for years 6, 7 and 8 combined are about equal to the vehicle’s 1st year cost of ownership.
• Fuel and depreciation account for 72% of ownership costs during the first 6 years, while taxes (3%), maintenance/repairs (4%), insurance (10%) and loan interest (11%) account for only 28% of total costs.
So, if your have been consistent in maintaining your old steed and still love the ‘ole girl, don’t put her out to pasture just yet…her most cost effective years may still be ahead of her! A visit to an Honest and Accurate, ASE-Certified auto repair shop can help you make sure those maintenance and repair costs remain a low part of your future car ownership costs.
