Having a reliable vehicle to commute in the Dallas and Fort Worth area is essential. If you purchase a new car and it is defective, you may seek recourse under Lemon Laws or product warranty laws. However, the normal hope is that your new car will be perfect and last for years. Some people like to trade their car in every couple of years, but those who maintain their cars can save a great deal of money.
Consumer Reports writes that owners who keep their car for 15 years or 225,000 miles may save $31,000 compared to an owner who trades their car in every 5 years. Using the example of a Honda Civic and taking into account depreciation, taxes, fees, and insurance, an owner holding on to the car for 15 years would save $20,500. In addition to these savings, our hypothetical owner could make $10,300 by investing the money that would have been spent on new cars.
Consumer Reports also compiled a list of cars that are more likely to make it to 200,000 miles. Included in this list are many cars by Honda and Toyota (included are: Civic, Lexus ES, Lexus LS, Toyota 4Runner, Toyota Highlander, Toyota Land Cruiser). It also published a list of vehicles that were not such good bets to make it to 200K threshold. These included such popular (and pricey!) vehicles as the V8-powered Mercedes-Benz M-class, Mercedes-Benz SL, BMW 7-series, Infiniti QX56, Jaguar X-type, V8-powered Volkswagen Touareg, and the V6-powered Volvo XC90.
Proper maintenance and care can help increase your car’s lifespan and protect your financial investment in it. Read your owner’s manuals and maintenance guide. Change your oil regularly and make repairs when parts do fail. Of course, if you bought a new car in Texas, have multiple failures within the first two years or 24,000, then you may have a lemon.