Whether you drive a new or used automobile, encurring routine maintenance costs, insurance expenses, and vehicle taxes in addition to regular fueling can quickly add up. People often forget about the secondary costs to owning a car or truck instead focusing solely on purchase prices, interests, and tag fees. While these are obviously important and necessary to keep a legal car on the road, they are often the tip of the iceberg in terms of everyday operation.
The Tip of the Iceberg
Inevitably, something will happen that needs attention and fixing at one point or another. Whether the air conditioning or heat stops working, maybe a transmission needs to be replaced, or perhaps the brakes and rotors are becoming worn and dangerous. These all represent items that need immediate attention but sometimes do not fit into an owner’s immediate budget.
At times like this, one may consider ditching their used auto for a newer model that shouldn’t require such a fix for many years to come. However, by exploring below the surface and avoiding a knee-jerk reaction less money will most likely be spent by having the service performed instead of looking elsewhere.
The Costs Behind Your Decision
The American Automobile Association (AAA) estimates that it costs $8,558 each year or $713 per month to own and operate a car. Own a car, including payments and taking into account depreciation of the vehicle’s value over time plus incurred finance charges. If your vehicle is already paid for then a one-time repair bill may be well worth not adding additional expenses to your budget in an effort to avoid potential future maintenance expenses.
For example, the average >vehicle on the road is getting older at approximately 16-24 years old, in part due to improved production and repair responsibilities. With this in mind the car in question will be a 2002 Toyota Corolla with 90,000 miles with an estimated trade in value of $1,200.
Average costs for replacing a transmission is estimated between $1,800 and $3,500 depending on the make and model of the vehicle. At the low end, the amount paid for a rebuilt transmission is going to exceed the current value of the car. However, purchasing a new 2018 Toyota Corolla and avoiding any immediate expenses for repair will costs approximately $350 in payments alone over five years.
Insead, only three months worth of payments leaves you with a rebuilt transmission inside a quality automobile that should be good for many more miles if properly maintained both before and after the replacement.
The experts at Mancinelli’s Auto Repair Center can assist you in deciding the appropriate steps for your older or high mileage vehicle when in need of repair or provide a variety of potential other services needed on your vehicle. Their trained professionals will be happy to answer any and all questions regarding car care or perform a needed service to any model vehicle on the road. ASE certified mechanics are fully trained and certified to work on any car, van, SUV, or truck regardless of the current state. A full review and inspection of your automobile can be completed in a timely manner to keep your vehicle running both effectively and efficiently. Leave your auto with someone you know as most services can be administered the same day. Request an appointment online or call today.