Since the average cost of a new vehicle in the United States is nearly $48,000 and the cost of a used vehicle is nearly $29,000, many people repair their vehicle and keep it longer.
This has increased the average age of a vehicle in the United StatesThis is evident from the registration data compiled by S&P Global Mobility.
new and used vehicles are expensive due to the lack of computer chips that started with the coronavirus pandemic. And monthly payments have continued to rise as the Federal Reserve hikes interest rates. Loans for new vehicles are currently around 7%.
According to experts, this is how you can extend the life of your old vehicle to avoid outrageous prices and high monthly rents:
- Carry out regular maintenance work.
Most owner’s manuals contain a maintenance schedule that must be performed when the vehicle reaches a certain mileage or age. Some have dashboard notifications for upcoming maintenance. This includes oil, filter and coolant changes, lubrication, brake and transmission fluid changes, belt changes and more.Regular maintenance will keep it from breaking later, so it’s worth the price. “It is currently much cheaper to maintain and repair a car than to buy a new one,” says David Bennett, repair systems manager at AAA. Jay Nuber, owner of Japanese Auto Professional Service, a repair shop near downtown Ann Arbor, Michigan, says it’s best to keep maintenance up to date so you don’t end up with too many bills in the future .