"Today the average age of the vehicle on the road today is about 10.6 years, which is really the oldest ever. Newer cars the last ten or more years, the quality is much, much better. They're designed and built to last longer, and it just makes sense to hang on to the vehicle. We've talk to professional technicians all the time and they say that you take good care of your vehicle, it should last you a couple hundred thousand miles. Changing the oil regularly, following the owner's manual, doing the routine maintenance."
Consumers spend an average of $706 a year on vehicle repair and maintenance, according to the council.
"If they could just budget the equivalent of one new car payment, which could be anywhere from $400 to $600 or $700 a month, that would cover the entire year's cost of routine maintenance and some repairs. The Car Care Council is a national non-profit organization that has a very simple mission, and that is basically to educate about the benefits of taking better care of their car through maintenance and repair at the proper time."
White says hanging on to your vehicle a bit longer allows you to redirect money to pay off credit card debt, college loans or take a vacation. Ed Mayberry, KUHF News.