When faced with the choice of either fixing a current automobile or purchasing a newer one, it is useful to know how long they last and what factors affect their economical usefulness. According to government statistics in 2012, average lifespan of a vehicle is over 200,000 miles and up to fifteen years. Majority of owners don’t keep them that length of time and most of them are sold to second-hand consumers in three or four year time. Quite a few first owners like to change often to keep up with technological advancements in the industry.
Factors like distance travelled and upkeep can make a difference in how long it survives. You might like to buy a new auto if you are mainly concerned about economical life and reliability. They will last for approximately thirteen years with correct care and regular upkeep. Furthermore, they come with manufacturer warranties, which last longer than the guaranties that come with used ones. Besides, it is exciting to get them in their wrappers and be the first person to ever use it.
The second option is to go for a no more than two to three years old vehicle since their value depreciates the most in that period. You would be getting them when they are very reasonably priced and still young. This alternative works well with higher end or more expensive cars and can get you lower car insurance premiums.
Since new-car-purchasers typically trade them in after a short while that still leaves them in good shape and plenty miles to run it to the ground. Leased automobiles can get turned in and replaced in much sorter time and much less mileage on the clock. There are certainly many very attractive second hand cars available in the market through dealerships or private sellers. It is usually cheaper to transact with the owner directly. Also, they can provide much more information about its past. On the other hand dealers usually check them before taking in and service before handing over to customers, as well as offering warranties.
Being creative on the financial side can save you considerable amount of money as well. For example, these days credit cards are easier to get and they have as good interest rates as auto loans. If you are a type of person with good financial control you may be better off with supplementing the purchase with a credit card. Then, you can pay the debt a lot faster by paying off lump sums whenever you have the chance. However, if you are likely to spend the money instead of paying back the debt this is a troublesome road to choose.
Also, you avoid the heavier conditions by not having a loan on it. You don’t have to buy GAP insurance and you can set as high deductibles as you like to save money. Also you would be free to drop Collision and Comprehensive Coverage when the value depreciated enough. With an auto loan this would not be easy and you may have to keep paying higher insurance rates for sometime.
Stick to vehicles less than six years of age, and make sure to have it comprehensively checked by a professional like a mechanic to ensure you don’t take on someone else’s troubles. Consider its age and mileage when faced with a decision to repair or replace it.
As an example: if a 10 year old one has over 100,000 miles on it and requires a transmission, it most likely is not worth the thousands of bucks in repairs considering it will likely only run for a short while more without breaking down for some other reason. It is important to check the current price of it from time to time and certainly before spending money on a serious work. Remember that it doesn’t need saving, as many people may get too attached to them and act with compassion rather than making financial judgement.
If you find yourself in that situation, consider selling it for scrap and parts. The money you get can cover some of the cost of the next one. Whether you decide to get a new or used automobile, regular upkeep, protection against the elements, and safe driving will lengthen its lifespan. Always check to make sure that you are dealing with professional mechanics and have your oil replaced at the intervals advised in manufacturer’s manual. If you have an older vehicle it may be a good idea to get synthetic oil instead of natural since it protects the engine better when it starts.
Hopefully information provided here helps. Also you can make wise choices in terms of insuring automobiles and keep saving money for a long period. Overall cost of auto ownership is not something you can ignore. If you could manage to bring some of the costs down, the savings would be thousands of dollars in a lifespan of a vehicle.