Keep your car or buy a new one?

“Should I keep my current car or start looking for a new one?” This can be such a frustrating and confusing question for car owners, and is one we are frequently asked.

As a Lexus and Toyota repair service center, we have access to information that is not available to most consumers. So we decided to research our own data and see what we could find.

Focusing specifically on high-mileage vehicles (which Lexus & Toyota are famous for!), the question we asked is: Is it less expensive to maintain your car and keep driving it if you like it, or is it less expensive to get a new car with a car payment? We break it down below with examples of cars with mileage, how long the customers have been coming to Davenport, how many visits and what the average per month is for cumulative repairs. Take a look:

1. 1999 Lexus RX300:

1. First visit August 2008 – 500,000 miles

2. $252.00 average / month

3.46 visits over 9 years (avg. 5 per year)

1. 1990 Lexus LS400

1. First visit July 2005 – 507,000 miles

2. $174.00 average / month

3. 61 visits over 12 years (avg. 5 per year)

1. 2003 Lexus LX470

1. First visit April 2008 – 450,000 miles

2. $405.00 average / month

3. 67 visits over 9 years (avg. 7 per year)

1. 1999 Toyota Avalon

1. First visit November 2009 – 372,000 miles

2. $188.00 average / month

3. 49 visits over 8 years (avg. 6 per year)

The overall conclusion that we came to after looking into the data was that for these four examples, it is less expensive to maintain the car than to buy a new one with a payment. The LX470 is a little higher than the others, but still much less than a car payment for a new LX470 model car.

If you ever have questions about what you should do with your car or if you need a pre-purchase inspection, call us and make an appointment. We do things right, and we will do the right thing—for you!