What are the real costs of buying a new car?
Should you repair your aging vehicle or bite the bullet and buy a new car? When weighing the options, it’s easy to get lost in a daydream about owning a brand new car.
What are the true costs of a new car vs. maintaining your current ride? You might be shocked and may not want to take on that monthly car payment again.
The average new car price has jumped in recent years. Kelly Blue Book analysts reported earlier this year the estimated average transaction price for U.S. light vehicles as $34,428 in December 2015. That’s a $297 (0.9%) jump vs. the same period the previous year.
Even the most expensive repair bills for an old car can’t outweigh the cost of depreciation on a new one.
Could it be that new car smell is giving off a serious odor, after all?
At Hong Kong Auto, we want you fully informed as you weigh this important decision. We urge you to check out these resources for details on the trust cost of a new car:
- Edmunds: Their True Cost to Own tool helps you calculate the cost of the car loan plus depreciation, loan interest, taxes and fees, repairs, insurance and more. Start your research here!
- Consumer Reports: Tips for deciding if you need a new car
- Kiplinger: Should you keep your old car?
- Edmunds: When to repair your car and when to buy a new one
- Money Crashers: Keep driving an old car or buy new – what’s better?
We would like to help you make an informed decision by calculating the cost of gas for your current vehicle so that you can see if keeping it vs. the cost of a new or used car payment makes sense. We’ll help you prioritize necessary repairs and offer expert advice including deciding whether to buy that new car or repair your current one.
Remember, when you choose Hong Kong Auto, we can help you determine if trading in that gas guzzler or older car is worth it.