I recently had a fantastic conversation with a woman about services needed for her car. Talking to people and getting to know them is why I love my job. She called me to talk about a concern she and her husband had about their older Toyota. As we talked and she expressed her concern, I had somewhat of an epiphany. That car that sits in your driveway is your Pot O’ Gold.
Let me explain. As she described the issue with her car, she stressed to me that it was an “older” car. We discussed what they used this “older” car for and what their plans were for the car. She explained that, even though it was an older car, it was their only form of transportation. She explained how important this older Toyota was to them. Her husband needed to be able to make the 3 hour drive to his doctor appointments and be able to make the 3 hour drive home. I took the time to listen to all her concerns and we talked about solutions for each. During our talk, she discussed the concern about the age of the vehicle. She talked about the cost involved with replacing the car and we compared caring for the older car to the new car. The numbers were eye opening so I had to share.
You see, we all want the shiny new thing. That car that has all the bells and whistles, but is that best solution? There are so many things to consider. The most obvious difference between keeping your “older” car and buying a new car is the sticker price. It is shocking the cost of new cars now days. Oh man, do I sound like my dad? (lol). But in all seriousness. The average new car price is at $40,000.00 this year. Finance that car for five (5) years and you’re looking at a $750.00 per month payment. I mean… WOW!!! But that’s not all! There’s that pesky sales tax on top of that sales price. Let’s say about $3,500.00. Then there is still the added cost of insurance. Average cost of full coverage insurance is $200.00 per month. Oh my goodness, we aren’t even finished. We also need to look at the higher cost to register that new car every year. Being conservative with cost to own for a new vehicle, we are already close to $1,000.00 per month.
I wanted to list these items because most cars, when maintained two to three times per year, will last for hundreds of thousands of miles. The small amount of money involved in maintenance costs apply not only to older cars, but new cars too. The difference is shocking when you put it on paper. That older car is literally saving you around $1,000.00 per month! That, I would consider, is definitely a Pot O’ Gold.
I know last month I talked about car love. After talking it out during a conversation with a sweet lady, I found that it truly is cheaper to keep her, or him.