When is it Worth it to Trade In?

Share this:

Car repairs are, to say the least, everyone’s least favorite thing. Nobody wants to spend on unexpected car repair bills… or even expected ones for that matter. If you’ve been seeing your local shop a lot lately, you may be wondering if maybe it’s time to upgrade. If that’s on your mind, I only have one question for you – how much are you spending per month, on average, fixing your car?

The average new car payment, according to Experian, was $554/month in the first quarter of 2019. Now, that number is a bit tricky to calculate – two people rarely pay the same amount for the same vehicle due to things like loan length, credit scores, and initial MSRP of the vehicle, but even so, it’s a lot. You can expect that number to increase by about 1-2% every year, too.

So, take all the bills you’ve had in the last 12 months from your auto shop of choice. Add it up, divide by 12. Did you spend more or less on average than $554/month? If so, it’s highly likely keeping your current wheels is the cost efficient thing to do. Spending more than that? Maybe it’s time to go car shopping, may I recommend picking up a copy of the latest Consumer Reports and maybe swinging by the Kelley Blue Book website?

Any questions? Feel free to call Manchester Auto and Tire of Mint Hill, LLC at 704-545-4597, email us at kenmanchester1@gmail.com, or check us out online at www.manchesterautoandtire.com.

Share this: