Owning a car is not cheap. It is an investment, which requires care and attention throughout the life of the vehicle. The real cost of vehicle ownership, according to AAA, has increased in the yearly study on driving costs, so knowing how to maintain your vehicle over time could potentially save you thousands of dollars in the long run. Preventative maintenance can help balance the true cost of owning a vehicle, whether you have small repairs or major fixes. You’re going to end up putting some money into your vehicle, but do you know the true cost of vehicle ownership?
According to information from AAA, the yearly cost of car ownership went up another 1.96%. This is based on what it takes to operate a sedan in the United States. The average costs rose 1.17 cents per mile to 60.8 cents per mile or the equivalent of $9,122 per year based on 15,000 miles of driving! Fuel is up 1.93%, automotive maintenance is up a whopping 11.26%, there was hardly any change to the cost of tires, insurance has gone up 2.76% and depreciation up .78%. These may not seem like much as far as the percentage goes, but when you convert it to dollars – something we all hate to part with – the true cost of car ownership just got a little bit more serious. That increase in insurance? That is $1,029 per year. Depreciation? $3,571 per year!
One of the more convincing arguments about why we should pay more attention to routine car maintenance is that last data point – vehicle depreciation. We cannot afford to lose $3500 per year on our vehicle. We need the value to last, so that when we want to sell or trade it in, it is still worth something. One of the best ways you can help to maintain the value of your car is by fixing the little things as they come or routinely visiting your auto repair shop for some preventative maintenance. Not only will that save you money in the long run, but it will also help to show that you’ve maintained your vehicle over the years – potential buyers will appreciate that. You may also get more years out of the vehicle itself. In fact, a vehicle properly maintained, and kept three years after your payments end, will save you $20,000 to $30,000!
It’s no surprise that preventative maintenance will save you money. With the true cost of car ownership these days, anything that saves you that much money is worth looking into. Start your interval service schedule today and let us take care of your vehicle, so that it can take care of you in the long run!
