Many of our customers have been asking our opinion regarding keeping and maintaining your current vehicle vs. buying a new vehicle. Our opinion is simple and is based on mathematical facts: owning, repairing and maintaining a used vehicle for as long as possible is always cheaper than purchasing a new vehicle, even with all the new car incentives.

If you are in a financial situation where purchasing a new vehicle is in your budget, then you are doing better than most. The fact is that not everyone can afford the monthly financial commitment for five or six years, not to mention the additional costs of insurance, taxes, maintenance and repair. Yes, even new vehicles require maintenance and repair! After all, a new vehicle contains mechanical & electrical components, just like a used car!

Consider this: The average new vehicle payment is around $350 per month for 60 months, which equates to $21,000. The average cost of maintenance and repairs on a vehicle is about $600 per year. Over a five year period, that equates to $24,000, and this did not include your down payment or trade-in. In comparison, if your vehicle is paid for and you spent the average of $600 per year for service and maintenance, you saved at least $21,000!

More to ponder: The most expensive components of a vehicle are usually the engine and transmission. Let’s say that your used vehicle has over 200,000 miles, chances are that you are going to need to replace the engine within the next few thousand miles. The average replacement cost of an engine is $4500, and average replacement cost of a transmission is $2500 at RPM Autoworx. If you drive your vehicle an average of 20,000 miles per year, that new engine will last 10 years if properly maintained. This equates to $37.50 PER MONTH! Add in a new transmission, that only equates to an additional $20.83 per month, for a grand total of less than $60 per month. This is significantly less than the average new vehicle payment.

Take it a step further: Let’s say you replace the engine and transmission in your used vehicle. These two major components make up a large percentage of that average annual $600 per year service and maintenance costs mentioned above. Even if you still needed to spend $600 per year average on service and maintenance, you will still only be paying $110 per month for the used vehicle. Again, significantly less than the average new car payment.

Bottom Line:  A used vehicle is cheaper to own than a new one. Stay current on all of your service, maintenance & repairs and your vehicle will last upwards of 200,000 miles in most circumstances. Use high quality lubricants such as synthetic oil, replace components at manufacturer’s recommended intervals, and repair parts as they wear or break to extend the life of your vehicle.

RPM Autoworx can perform all the service, maintenance, repairs and component replacement needed to make your vehicle last. Anything from an oil change to an engine replacement can be performed by our professionals, and financing options are available.