Consumer Reports estimated that the popular Honda Civic EX, with an automatic transmission, could potentially save its owner as much as $20,500 if properly maintained over 15 years -- $1,500 more than its purchase price. In its analysis, CR calculated the costs of purchase price including destination fees, depreciation, maintenance and repairs, finance and interest, fees and taxes, and insurance for 15 years against the same factors for purchasing a new model every five years. Factoring in three percent inflation and an annual five percent interest rate, Consumer Reports estimated an additional $10,300 in investment savings. As a result, maintaining the Civic EX over 15 years would be approximately $30,800 less than the cost of buying a new Civic EX every five years. Consumer Reports found similar savings with other models.
Car Maintainence Can Save Owners More Than the Original Purchase Price
YONKERS, NY (Sept. 2, 2007) - "With proper care, many of today's cars can last 200,000 miles
or more," says Consumer Reports. In addition, "Owners seeking to limit repair costs by trading in their vehicle
every three to five years may lose out on thousands of savings." The key is regular, quality maintenance.
When comparing 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, CR found the savings could be more than the original
purchase price of the vehicle.
For motorists looking to make their car reach 200,000 miles,
Consumer Reports offers the following tips:
1. Go by the book - Follow the maintenance schedule in the vehicle
owner's manual and make necessary repairs promptly. If you think
you're saving money by skipping an oil change, think again. Missing
even one oil change can accelerate premature engine wear and
cause engine damage. The manual contains a maintenance schedule.
2. Use the right stuff - When it's time for maintenance or repairs,
use only parts and fluids meeting manufacturer specifications. Using
the wrong type of oil or transmission fluid, for example, could result
in damage leading to expensive repairs.
3. Know what to look for - Problems can arise at any time and for
inexplicable reasons. So it helps to get in the habit of opening the
hood and looking, listening, and smelling what's happening in your
engine bay. Look for fraying or cracks in belts, and cracks or
bulges in hoses. Investing in a vehicle service manual, available at car dealerships and most auto-parts stores, will help show you what to look for and assist you with minor repairs.
4. Keep it clean - Get out the cleaning products periodically. Regular cleaning inside and out can make the car a more pleasant place to be as you roll up the miles, and washing and waxing can help preserve the paint and keep the sheet metal below it from rusting. Vacuuming sand and dirt out of carpets and seats can minimize premature wear that leads to tears and holes.
5. Buy a reliable, safe car - Buy a car with a good track record. Consumer Reports offers comprehensive reliability ratings in every April Autos issue and to ConsumerReports.org subscribers. Buy a car that has performed well in government and insurance-industry safety tests and has the latest safety equipment, like electronic stability control and curtain air bags. If you're going to live with a vehicle for a long time, you will want it to provide maximum safety protection.
| Shooting for 200K
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Buying a car with a good track record is important in reaching the 200K Club. Based on its
driving tests and reliability scores for several model years, Consumer Reports has identified
the following vehicles as good or bad bets to go the distance.
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Good Bets
Honda Civic,
Honda CR-V
Honda Element
Lexus ES
Lexus LS
Toyota 4Runner
Toyota Highlander
Toyota Land Cruiser
Toyota Prius
Toyota RAV4
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Bad Bets
BMW 7-Series
Infiniti QX56
Jaguar S-Type
Jaguar X-Type
Mercedes-Benz M-Class
Mercedes-Benz SL
Nissan Armada
Nissan Titan
Volkswagen Touareg
Volvo XC90
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(Source: Consumers Union)
