Preventative Maintenance

Preventative Maintenance car

Spending more than $400 annually on maintenance and repairs may sound like a lot, but it's nothing compared to the added expense of buying a new car, especially if your current car is paid off. In fact, by some estimates, every five years you drive your car after paying it off saves you the monetary equivalent of a new car.

To understand how, let's compare a new car to a paid-off car with standard maintenance. To make it interesting, let's stack the deck in the new car's favor by saying that you drive 24, 000 miles (38, 624 kilometers) per year, which is double the national average. In five years, that adds up to 120, 000 miles (193, 121 kilometers) under your wheels, which translates to 35 to 40 oil changes. At $40 apiece, you're looking at $1, 400 to $1, 600 - let's call it $1, 500. Figure in another $2, 200 for miscellaneous service costs (filters, hoses, tire rotations and so on) and another $1, 500 for a few major items like a timing belt replacement, new brakes and shock absorbers. Tally that up and you get $5, 200, or around $1, 040 per year.

Now let's compare that to a new car. According to the National Automobile Dealers Association (NADA), the average price of a new car sold in the United States in 2009 was $28, 966, but we'll lowball it and say you found a good deal at $24, 000 and financed $20, 000 at 7 percent interest for 48 months. That comes out to a monthly payment of just under $479, which tallies to $5, 747 per year [source: U.S. Federal Trade Commission].

In other words, for the cost of owning a new car for one year, you could own a paid-off car for five years, drive it into the ground, and still have money left over for tolls.

Source: auto.howstuffworks.com
RELATED VIDEO
Preventive Maintenance Tips For Your Car From the Experts
Preventive Maintenance Tips For Your Car From the Experts
Car Care Clips - Episode: 7 Preventive Maintenance is the Key
Car Care Clips - Episode: 7 Preventive Maintenance is the Key
Anna Gives Good Car Advice (Preventative Maintenance
Anna Gives Good Car Advice (Preventative Maintenance ...
RELATED FACTS
Share this Post

Related posts

Maintenance Careers

Maintenance Careers

MAY 29, 2017

If you re a handyman, you might be interested in finding employment maintenance careers. General maintenance jobs include…

Read More
Car Maintenance Service prices

Car Maintenance Service prices

MAY 29, 2017

When it comes to performing regular maintenance on your car or truck, knowing a few tricks can save you hundreds of dollars…

Read More