If you happen to own an older car that has just gone out of warranty, then get ready for increased maintenance expenses and the possibility of having to make major repairs that can be expensive. There are many advantages of owning a new vehicle
. Here is a closer look at the costs of continuing to own an older car to help you decide if it is time to replace your car with a newer one.
As a car gets older it needs more maintenance to keep it running properly. Many parts are designed to last through the warranty period; however, after a car is about three to five years old, things just start falling apart.
A summary report from V12 Data of the auto aftermarket parts industry research, shows that typical increased maintenance expenses for older cars come from these items and more:
- More frequent air, oil, and fuel filter changes.
- More frequent oil changes.
- Start using premium grade oil that is more expensive.
- Fuse replacements.
- Brake drums and brake pads.
- Start using fuel additives.
- More frequent spark plug changes.
- Light and headlamp replacement.
- Wheel alignment.
- Battery replacement.
Owners of older cars are twice as likely to expect to pay more than $1,300 per year for auto maintenance, when compared to owners of newer vehicles. Many find that they save money on these expenses by getting car loans to buy a new vehicle or an almost-new, low-mileage vehicle that is still under warranty.
Along with the increased maintenance costs there may be a need for increased repairs, some of which are very costly. Typical repairs for older cars come from these items: upholstery repair, paint deterioration, that requires a new paint job to repair, windshield and window cracks and oil leaks. These are just some of the problems that you will encounter with an old car. Why not get a car loan and avoid them instead?
Major repairs to the drivetrain and engine are costly. Many have to borrow to cover these expenses.The most expensive problems reported by Car Health Monitor Reviews and the average price converted to Canadian dollars to make the repairs are: engine replacements, ring & cylinder repair, transmission damage and break system tunings.
A brand-new car may be more fuel-efficient than an older one. This can be a big expense if you drive frequently and use more gas to go the same distance in a less fuel-efficient older car. You can use an online fuel calculator to get the information for your older car and compare it to the fuel economy of the newer vehicle.
Emergency Road Service and Towing
An older car may have more problems that require emergency road assistance and towing. If the car is in the repair shop for an extended period, there could be a need to pay for a rental car while it is being repaired. Depending on the tow truck company, getting your car towed could be costly. Why not get a new car and not wait until your car is broken down on the road?
New cars can have problems; however, the big repairs should be covered by the warranty and they are less likely to occur. With an older vehicle, there is always the chance of some major repair being suddenly needed without any time for preparation. This is the main reason why getting a new car can save money. Other reasons could be towing, fuel economy, and the need for road-side assistance. You can avoid all of these problems but getting a new car today.