Making your car last, how much can you save?

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Tires & Car Care

In this report: Overview; Go by the book; Maintenance & repair; 200K car care; How much can you save?; Pick a reliable car; When to say goodbye; Personal advice

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October 2007

How much can you save?

We compared the costs of buying and keeping a car for 225,000 miles over 15 years to buying and financing an identical model every five years. The savings were more than the original purchase price of the vehicle and even more if the savings are invested. Savings for the popular Honda Civic EX with an automatic transmission was similar to the savings we found with other automobiles.

	Honda Civic EX
	Keep for 15 yr.	New car every 5 yr.
Total price with destination	$19,000	$66,400
Depreciation	14,900	35,500
Maintenance & Repairs	18,300	6,200
Finance & interest	3,100	8,500
Fees & taxes	2,200	4,800
Insurance	18,500	22,500
TOTAL COST	57,000	77,500
SAVINGS	20,500	¯
POTENTIAL INVESTMENT EARNINGS	10,300	¯
TOTAL POTENTIAL SAVINGS	30,800	¯

Source: Repair costs, National Institute of Automotive Service Excellence (ASE) and Consumer Reports;
3 percent inflation and 5 percent annual interest calculated by Consumer Reports; vehicle pricing, depreciation, financing, and insurance data provided by Vincentric.