Is Your Car Worth Fixing? | Evaluating Maintenance vs. Buying New
Is it more cost-effective to maintain your current vehicle or to buy a new or used one? Let’s dive into the numbers and help you make an informed decision. Check out our cost-to-own video where we show you how you can save money!
The Cost of Maintaining Your Current Vehicle
First, let's look at the maintenance costs for your existing vehicle over 75,000 miles. Here’s a breakdown of essential services and their costs:
- Fluids, Filters, Belts, Hoses
- Battery
- Shocks and Struts
- Alignment and Tire Rotation
- Spark Plugs
These items combined add up to about $16,337. Adding repairs for wearable items like brakes and tires, the total comes to around $22,337 over 75,000 miles, which averages to about 30 cents per mile.
Comparing with New or Used Vehicles
To get a fair comparison, let’s use Edmunds' cost-to-own calculator for a 2024 Honda Accord:
- True Cost to Own: $44,600 over five years (15,000 miles/year)
- Purchase Price: $31,000
Subtracting the cost of fuel (which varies), the cost per mile is approximately 84 cents.
For a used 2020 Honda Accord:
- True Cost to Own: $44,600
- Purchase Price: $23,000
After adjustments, this comes to about 74 cents per mile.
What Do These Numbers Mean?
When comparing the costs:
- Maintaining Your Current Vehicle: 30 cents per mile
- Buying a New 2024 Honda Accord: 84 cents per mile
- Buying a Used 2020 Honda Accord: 74 cents per mile
Maintaining your current vehicle is significantly cheaper per mile. Investing in regular maintenance can extend the life of your car and save you money in the long run.
Wayside Garage's Maintenance Plan
At Wayside Garage, we recommend regular maintenance to keep your car in top shape. We are happy to share our maintenance plan with you and set up a personalized plan to match your car care budget. Following our schedule ensures your vehicle remains reliable and safe for many years and miles!
Based on the cost analysis, maintaining your current vehicle is the most financially responsible choice. It not only saves you money but also maximizes the lifespan of your investment. If you have any questions or need assistance, feel free to reach out to us at Wayside Garage. We’re here to help!