The cost of maintaining a car varies depending on the type and age of the vehicle. Older cars may require more expensive repairs, while newer models can last for years with basic maintenance. In fact, some estimates suggest that every five years you drive your car after purchasing it saves you the equivalent of buying a new one. To reduce costs, you can change the oil and oil filter in your car at home.
The cost of vehicle maintenance is based on several factors and there is no one-size-fits-all solution for finding an affordable car. While it may not be the most important factor when setting your transportation budget, routine car maintenance is essential for keeping your vehicle in good condition. Cars Direct reports that, on average, a new car depreciates 20% as soon as it leaves the lot and 15% each year thereafter. When budgeting for car ownership, make sure to include the average cost of car maintenance to help you save money.
In addition to monthly payments and insurance premiums, you also need to pay for car maintenance to keep it running smoothly. Here's an overview of the average cost of car maintenance, including how much each service should cost and how often they should be performed. To put it into perspective, for the cost of owning a new car for one year, you could have a paid car for five years and still have money left over for tolls. Of course, some car manufacturers are more reliable than others and some brands tend to have certain mechanical issues over time. Monthly payments and insurance premiums are straightforward, but here's more information on how to calculate other costs associated with owning a car.