Is your car spending more time in the shop or in your driveway? “If you are facing a big repair bill it is tempting to want to ditch your car,” says Ellsworth Buck, Vice President of GreatFlorida Insurance, Florida’s leading independent auto insurance agency.
Most automotive experts agree, you will come out on top financially by fixing your car. Car repairs are almost always cheaper than buying a new car. But, will this be the last repair you need for a while, or are more around the corner?
Saving money is a big benefit to repairing your car, but is it reliable? Keeping it safe for you and your family requires not only addressing major repairs, but regular maintenance as well.
Not only will you save money but also time. Car research and shopping require a significant commitment from your schedule. If you are in a season where cannot spare a moment, wait and do not make a rushed or regretful decision on a car.
And then there is a time to let your car go. Automotive site Edmunds recommends when the repair costs exceed the vehicle’s value or one year’s worth of monthly payments on a replacement, an upgrade is warranted. Big ticket repair items can include a blown motor or failed transmission.
“A great benefit in buying a new car, are advanced safety features, making it more reliable,” says Ellsworth Buck, Vice President of GreatFlorida Insurance, Florida’s top independent auto insurance agency.
Keep in mind, the car is not the only new expense you will deal with. New cars require upgraded car insurance as well as licensing costs, registration and taxes.
What you will eliminate are endless repair costs. Most new and certified used cars come with the bonus of warranty and free maintenance periods.
Consumer Reports found significant differences in maintenance cost between 3, 5 and 10-year-old vehicles. Below are the average maintenance costs over a 12- month period from 25 car brands.
3-year-old (2017) $83
5-year-old (2015) $200
10-year-old (2010) $458
The three-year cost is kept low because several car brands offer free maintenance periods on new cars. Costs really increase when the warranty and free maintenance period come to an end. This could help you in deciding how “new” you want your car.
Whether your car is fresh off the lot or has logged serious miles, we got you covered. Contact GreatFlorida Insurance for affordable and dependable car insurance that suits your needs.