Sleek new additions to the auto industry are attractive options to anyone thinking about upgrading their ride, but it's not always in your best interest to change cars. According to data from the 2013 Car Affordability Study from Interest.com, the average price tag of new vehicles is too high for most families to comfortably afford, Yahoo News reports.
Because of the costly expenses that are often tied to the purchase of a brand new automobile, many drivers might be better suited to prolong the life of their current car with regular scheduled maintenance. The money they save can then be used to cut down on other living costs, putting them in a better position to invest in the future.
"Hanging on to your current vehicle allows you to redirect money you would spend on a new car to pay off credit card debt, college loans and other bills, beef up savings or even take a road trip vacation," said Rich White, executive director of Car Care Council. "By simply budgeting the equivalent of just one new car payment, consumers could cover an entire year's worth of basic maintenance."
While occasionally serious damage to a car can necessitate expensive auto repair, the costs are likely still lower than a down payment on a new car.