Good morning everyone this is Mary Ellen with your Motoring Minute.
According to research from Edmunds the average new car price in 2016 was a record $34,077. That is 2.7% higher than in 2015 and 12.6% higher than it was in 2011. This year, Edmunds expects that price to jump even higher, to about $35,000.
Statistics released by Experian Automotive show the average auto payment is $493 per month on a new vehicle loan, with the average lease payment being $412 per month. As the price of the vehicle is rising, the length of the loans is also changing. Long term financing now extends to as many as 73 months or longer.
Think about that…6 or more years to pay off a vehicle! Wow that’s a lot of interest to pay! Now don’t get me wrong. There is definitely a time to replace your favorite wheels. But think about this. Even if you were to lease a new vehicle, an investment of $4,944 for only one year, would buy a lot of repairs on a vehicle you already own! As you can see, maintaining your vehicle and keeping them dependable and safe can save you a great deal of money.
If you wonder about whether your vehicle is worth the investment of repairs or maintenance, we can help with that. We perform a complete inspection of your vehicle and provide you an honest assessment of the overall condition of the car. We identify all the immediate and any future needs. That way you have a complete picture of the health of your vehicle before making any financial decisions.
Have a great week!