Once you’ve had your car for a while and experience the constant need for repairs and upkeep, the question will inevitably arise: is it worth it to keep your car, or would it be cheaper at this point to just get a new one? But it’s hard to really balance those costs. Wilson Tire & Auto in Nashville can help you lay out your options to figure out what’s best for you.
Costs of Having a Car
New or old, owning a car comes at a price. Nashville drivers have to pay for auto insurance, registration, taxes, and gas, and may have additional costs for financing, parking, or tolls. On top of all of these costs, cars need regular, scheduled maintenance, and could require unexpected repairs. In 2022, AAA estimated that drivers of new vehicles spent approximately $1,452 on maintenance and repairs in a 15,000 mile year. This is an average and looks primarily at new vehicles, but you can get an idea at your own maintenance costs by adding up any repair and maintenance bills from the last couple of years and dividing down to get your annual rate. This will give you one factor to consider when comparing your current car to a new vehicle.
Maintaining Your Current Car
There are certainly some benefits to holding on to a car you already own. You may have paid off your car already, meaning you are saving money by not having to pay financing. If you’ve stayed on top of maintenance, your insurance premium will stay lower. Buying a new car will lead to a jump in insurance, and likely start off a new round of car payments.
Staying on top of your vehicle’s scheduled maintenance will minimize the risk of major, expensive repairs. And, on top of that, you can do some of the more basic maintenance on your own to save a little extra — though we recommend seeing a professional mechanic or auto technician in for anything complicated and for inspections to ensure nothing important is missed, especially with newer vehicles that rely heavily on electronics and computers. But if you prefer to hold on to your current car, maintenance is your friend to keep it running for as long as possible. Skipping your $60-70 oil change enough times could lead to needing a $4,000-10,000 new engine. If you decide against replacing your $150 brake pad at first warning, you could end up with a $800-2,000 brake system overhaul, or worse, in a wreck.
Many start to consider replacing their car when a major repair is needed, especially when that repair cost is reaching into the thousands. However, even that amount only reaches a decent down payment on a new car, not a full purchase price (let alone the other costs involved we mentioned earlier). Though, maybe you are considering a used vehicle, which would bring the cost down. It would also be older, and come with its own potential issues to watch out for.
Buying a New Car in Nashville
Cars do, eventually, start to degrade. Most major car parts start to fail past the 90,000-120,000 mile mark, just as a matter of age and use. If your current vehicle has passed this age, you may have found yourself at the mechanic more and more often. And if your current maintenance costs — which you averaged out at the beginning of the article — is now more than the retail value of your car, it is probably time to look for something new. Your current car will only get older, which could mean it will get more expensive to repair as replacement parts get harder to find.
New cars, however, can give you peace of mind in ways that may be worth the monthly payments. A significantly lower chance of a breakdown will lower stress. Cars come with new safety features to prevent wrecks and costly repairs. New computer systems can track errors and maintenance schedules to let you know when they need an oil change or to be looked at. Not to mention that a warranty on a new vehicle can help cover costs for maintenance and repairs, saving you money.
Weigh the Cost
While there are certainly benefits and drawbacks to either option, it ultimately comes down to you and your needs. You know your car best, and you know what you will feel safest in. If you’re comfortable in your current car, hold onto it for a little longer. If you’re uncertain, maybe it’s time to move forward. Whichever car you pick, Wilson Tire & Auto in Nashville is here to handle your maintenance, repairs, and any questions you may have about your vehicle. Give us a call and book an appointment.
