Should I Fix My Car Or Trade It In? True Cost To Own New Versus Maintaining the Vehicle You Already Own
Should I Fix My Car Or Trade It In?
True Cost To Own New Versus Maintaining the Vehicle You Already Own
At Wayside Garage, we believe in the longevity and performance of your vehicle. Whether you’re driving a 2024 Honda Accord or a trusty 2010 model, maintaining your car is essential to keep it running smoothly. Here’s a comprehensive guide to help you understand the costs and benefits of maintaining your vehicle versus buying a new or used one.
The Costs of Maintaining Your Current Vehicle
Regular maintenance is key to extending the life of your vehicle. Here’s a breakdown of typical services and their costs over 75,000 miles:
- Fluids (oil, brake, transmission, etc.): Essential for smooth operation, to be checked and replaced as per manufacturer guidelines.
- Belts and Hoses: Inspect for wear and tear to prevent breakdowns.
- Filters (oil, air, fuel, cabin): Replace regularly to ensure clean operation.
- Batteries: Check and replace to avoid starting issues.
- Spark Plugs: Replace to maintain engine efficiency.
- Shocks and Struts: Ensure a smooth ride and handling.
The total estimated cost for these services over 75,000 miles is around $26,500. Adding repair costs for wearables like brakes and tires brings this to approximately $34,000, translating to about $0.30 per mile.
Comparing to New and Used Vehicles
Let's compare this with the cost of owning a new or used vehicle:
- New 2024 Honda Accord: Edmunds estimates the cost to own over five years (75,000 miles) at $44,600 plus the purchase price of $31,000. Excluding fuel costs, this comes to about $0.84 per mile.
- Used 2020 Honda Accord: The estimated five-year cost is $44,600 with a purchase price of $23,000, totaling about $0.74 per mile without fuel costs.
Why Maintain Your Current Vehicle?
Maintaining your current vehicle can be more cost-effective than purchasing a new or used one. Here’s why:
- Lower Cost Per Mile: At $0.30 per mile, maintaining your car is significantly cheaper than the $0.74-$0.84 per mile for a new or used car.
- Longevity: Proper maintenance can extend your vehicle’s life beyond 150,000 miles.
- Environmental Impact: Keeping your current car reduces the environmental impact associated with manufacturing a new vehicle.
Wayside Garage Maintenance Plan
To help you get the most out of your vehicle, we offer a detailed maintenance plan:
Every 5-6 Months
- Oil & Filter Service
- Complimentary Inspection
Annually
- Fuel & Air System Decarbonization/Tune-Up
- Cabin and Engine Air Filters
- Battery Service
- Wheel Alignment
- Comprehensive Inspection
Every 2-3 Years
- Brake Fluid Service
- Fuel Filter Replacement
- Power Steering and Cooling System Service
- Transmission Service
Every 5-7 Years
- Spark Plugs
- Drive and Timing Belts
- Shocks and Struts
For Electric Vehicles
Annual Electric Vehicle Maintenance Service: Includes cleaning, inspecting, adjusting, and rotating various components to ensure safety, performance, and longevity.
Conclusion
Investing in regular maintenance at Wayside Garage ensures your vehicle remains reliable, safe, and efficient. If you have any questions or need to schedule a service, please give us a call. We’re here to help you make the best decision for your vehicle's health and your peace of mind.
