Maybe this is bad timing since the auto industries are filling showrooms to pitch sales for 2008 models, but Consumer Reports magazine takes a longer outlook in revealing you can save nearly $31,000 by keeping your car for 15 years, or 225,000 miles of driving.
That’s compared to the cost of buying an identical model every five years, when most car owners trade in their vehicles, according to the report.
In its annual national auto survey, the magazine found 6,769 readers who had logged more than 200,000 miles on their cars. These included a 1990 Lexus LS400 with 332,000 miles and a 1994 Ford Ranger pickup that had gone 488,000 miles.
Calculating costs involved in buying a new Honda Civic EX every five years for 15 years ” including depreciation, taxes, fees and insurance ” the magazine estimated it would cost $20,500 more than it would have cost to simply maintain one car for the same period.
The magazine factored in $10,300 in interest that could have been earned on that money, assuming a 5 percent interest rate and a 3 percent inflation rate over that time.
To reach 200,000 miles, a car has to be well-maintained. Follow the maintenance guide in your owners manual, make needed repairs promptly and use only recommended oil and transmission fluids.
Listen for strange sounds, sniff for odd smells and look for fraying or bulges in pipes or belts. Clean the car carefully inside and out and show off that “antique.”
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LeaseTrader.com, a Miami company that helps people transfer car leases, recently polled several of its female customers on favorite car features. Women want functionality in a car.
The highest percentage of those surveyed want fold-down back seats that provide more storage.
Conversely, women who participated in the survey said the sunroof is the most overrated feature found in a car.
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In colder and possibly wet weather, it’s time for car owners to think about checking their vehicles.
“Colder temperatures can affect the operational efficiency of the vehicle,” explained Peter Mossy of the Mossy Automotive Group. “And road residue from oil, dirt and salt can impact the car’s physical condition. But with a few simple preventive maintenance checks, drivers can protect their prized possession, reduce the possibility of breakdowns and keep their vehicles in top running order year- round.”
His suggestions:
“¢ See if the windshield wipers and the heater/defroster are working properly. Top off the windshield washer reservoir with a solution that contains temperature-specific washer fluid.
“¢ Make sure both head and taillights are free of debris and are functioning correctly.
“¢ The car battery can be vulnerable when colder temperatures reduce its cranking power. It has to work harder to turn over a cold engine when the motor oil is thick. Check fluid levels periodically.
“¢ Battery cables should be tight. If the cables or terminals show signs of white, crusty corrosion, they should be cleaned with a mix of baking soda and water to neutralize the acid. Disconnect cables before cleaning terminals with either a toothbrush or a battery terminal wire brush, and then reconnect and tighten. Try coating terminals with petroleum jelly or grease to prevent future corrosion.