New Car Smell Wears Off - Payments Linger for Years

BETHESDA, Md., April 30, 2007; Everybody wants a new car. You see a nice car pass you on the highway and think, 'Why can't I have that?' However, financial planners think keeping your current car may help you in the long run with your goal of financial freedom, according to the Engine Repower Council (ERC).

"We advise our clients that if they want a 10-percent increase on their investments every year they need to cut down on their expenses," said Terry Mulcahy, vice president of investments for R.W. Baird in Mequon, Wis. "A new automobile is for most people their second biggest investment next to a home, so a great way to save money and increase financial assets is to hang onto their current vehicle rather than buy a new one every few years." Repowering an engine rather buying a new car can be an excellent way to cut costs and keep the vehicle.

"When a car or truck suffers major engine damage, often the first reaction of most consumers is to buy a new or used vehicle, but the cost to repower an engine is a drop in the bucket compared to monthly payments on a new car," according to ERC Chairman Tom Schrader. "The bottom line is that a repowered engine makes a vehicle more dependable, more fuel efficient, less polluting and more valuable."

With repowering, your engine or an identical one from another like- vehicle, is completely remanufactured/rebuilt. Also, unlike installing a used or junkyard engine, critically important internal parts get replaced with new ones that meet or exceed original equipment performance standards. Frequently, remanufactured/rebuilt engines are even better than the new engines installed at the factory. This is because the original factory engine problems have been redesigned or repaired with better quality parts. They are dependable, reliable and backed by excellent warranty programs that also usually cover installation expenses.

The Engine Repower Council is a non-profit organization dedicated to educating consumers about the economic and environmental benefits of remanufactured/rebuilt engines. The Engine Repower Council supports the "Be Car Care Aware" consumer education campaign. For more information about the Engine Repower Council and where to find qualified rebuilt engines and installation providers, visit http://www.enginerepower.org/.