What are the true costs of buying a new car?

Family excited to buy a new car. But have they considered the full costs of their decision? | Auto Lab Libertyville ILWhat are the true costs of a buying new car vs. maintaining your current vehicle? You might be surprised at the answer. Don’t just take our word for it or that of the new car salesperson but review the facts about the costs associated with buying a new car before you take that leap of faith.

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 funk, after all?

At Auto Lab, we want you fully informed as you weigh this important decision. We suggest 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?

You can rely on Auto Lab to give you an honest assessment about what your vehicle needs and why. We take the time to answer your questions. 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  stop by Auto Lab, we can help you determine if keeping your older car is worth it. Call us today to set up an appointment.

Posted in Buying A Car.