Hanging on to Current Vehicle vs. Buying New is a No-Brainer

Consumers Save Thousands a Year

BETHESDA, Md., July 26, 2010; With the average cost of a new vehicle creeping closer to $30,000, spending a fraction of that money on making your current vehicle last longer makes good financial sense, reports the Car Care Council. By simply budgeting the equivalent of just one new car payment, consumers could cover an entire year's worth of basic maintenance.

"In the early 1970s you could buy a house for $30,000, and the average vehicle cost $3,900, but they didn't last anywhere near as long as they do today," said Rich White, executive director, Car Care Council.

The average age of passenger vehicles on the road today is 10.6 years, the oldest ever. With proper routine maintenance, the typical vehicle should deliver at least 200,000 miles of safe, dependable, efficient and enjoyable performance, according to the Council. Consumers spend an average of $706 a year on vehicle repair and maintenance, according to IMR Inc.

"Hanging on to your current vehicle allows you to redirect money you would spend on a new car to pay off credit card debt, college loans and other bills or beef up savings or even take a road trip vacation," White said.

The average price of a new vehicle this year increased by $1,057 or 3.7 percent to $29,217, and used car prices rose 5.5 percent, according to Edmunds.com.

The Car Care Council is a national non-profit organization providing information for the "Be Car Care Aware" consumer education campaign that promotes the benefits of regular vehicle care, maintenance and repair. For more information, visit www.carcare.org.