“It’s getting more costly for most Americans to buy a new car or truck. Not only are vehicles getting more expensive, but so is the money needed to finance one.” According to an article on Bloomberg.com
“The average interest rate for new vehicle loans rose to 5.2 percent in February, the highest in eight years.”
With rising interest rates, and the rising cost of new vehicles, it’s proving the market to be very costly to buy and finance a new vehicle. Interest rates for new car loans is the highest it’s been in almost a decade. When compared to the cost of keeping and maintaining your existing vehicle, the later is proving a much better financial option.
With the advancement of car maintenance technology and the Right to Repair Act, vehicle maintenance and repairs is more cost effective than ever before.
According to Wikipedia, the Right to Repair Act is defined as “A name for several related proposed bills in the United States Congress and several state legislatures which would require automobile manufacturers to provide the same information to independent repair shops as they do for dealer shops.”. This means that car owners have the option to get their car repairs at any repair shop they choose, and they are not limited to getting their vehicles fixed at just the dealer. This also allows for a competitive auto repair market.
Compare the cost to maintain your current vehicle verses buying new, and see for yourself which is a better investment. For any repairs you may be budgeting for, we provide free estimates.
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17 Nashua Road
Pepperell, MA 01463