Consumer Reports says if you keep your car for ten years after the first five years, rather than buying a new car like most car owners, you will save $31,000.
There are a few assumptions in the report to create this calculation. The car in question is a Honda Civic EX, and it is assumed that the money that would have gone towards the purchase and any repairs can earn 5% interest in a savings account.
In order to keep a car for 15 years, you’re probably looking at more than 200,000 miles. Not every car will function well that late into its life, and some cars would require major repairs that may even incur expenses more than would purchasing a new vehicle.
Those cars that can make it to 200,000 miles and beyond require various types of attention, according to Consumer Reports:
- Follow the manual’s regular maintenance schedule and take care of repairs quickly.
- Use the recommended types of fluids.
- Check under the hood, pay attention for strange sounds, and get a vehicle repair manual.
- Keep the car clean inside and out.
- Buy a safe and reliable car.
I’d like to pick up a repair manual from my car and at least read through it even if I don’t do my own repairs. The familiarity with my car can only help in the long run.
Drive Your Car to Death, Save $31,000 [CNN]
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7:08 pm (reply)
I drive a 14 year old honda. The first questions I ask when relocating is about a good mechanic. When it makes a “funny” noise, it goes to the mechanic. A couple of months ago, the mechanic pointed out a noise that was coming from the transmision. I spent $1150 for transmision bearings, clutch, rear main seal, oil change and tire rotation (much cheaper than replacing a blown transmission). I had a history with this guy so I did not hesitate to follow his advice. I told him that I would keep the car as long as he could keep it running for what amounts to a couple of car payments a year so I could put the rest of it in my retirement account. My advice: find an honest independent shop and take care of maintenance.