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Is Owning Your Older Car Costing You More Than Buying a New Car?

Check engine lightIs your car starting to need more care than when it was on the new end of the spectrum? Are you having to do more repairs to your car than just scheduled maintenance and oil changes? You maybe thinking it is time to get a new vehicle to save costs on car maintenance and repair, but you might be surprised that’s not always the case.

According to the US Bureau of Labor Statistics, the average American household owns 1.9 vehicles and spends around 1.5 percent of its annual income on auto repairs.

Example: In 2004, the standard family unit earned $54,405, meaning the average family spent $817 annually on repairs, an average $408 per vehicle.

If you have owned your vehicle for awhile or put a lot of miles on it, it’s likely you’ll have to replace or rebuild many of its components, but that doesn’t mean it’s necessarily a poor spend of your money. After all, new cars are expensive too. New cars depreciate an average of 45 percent over the first three years of ownership and up to 79.3 percent over the first five year according to Weisbam and Clark Automotive Research.

While spending an average of $400 annually on maintenance and repairs may sound like a lot, it’s nothing compared to the added expense of buying a new car, especially if your current car is paid off. New car payments can be upwards of $600 a month depending on your vehicles purchase price and loan terms, this alone is more than the annual maintenance cost for your current vehicle.

If you do the math like we did above added maintenance and replacement of your vehicle’s components might actually be the best choice for you and your family. Bellingham Automotive is here to answer all your vehicle questions or to take a look at your vehicle and see what repairs and preventative maintenance can be done to your vehicle to keep it on the road for many miles to come. So, if you have been annoyed by your car’s check engine light coming on or extra squeaks and creaks coming from your suspension don’t be frustrated, call Bellingham Automotive today to schedule your vehicle’s appointment, we are here to help! Remember we offer a 3 year/36,000 mile warranty on many repairs to give you peace of mind for many miles to come!

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