So how often do you buy a new car? Every 3 years? 4 years? 5 years? So how much does it cost you to buy that car new car in the long run and are you really saving money by having a car in warranty and not having to worry about repairs? A recent Consumer Reports Article tackles this question and provides some great insight into the costs paid for people that keep their car for 200K+ miles (15 years) vs. those that buy a new car in 5 years.

The numbers are pretty telling. The biggest argument I have heard people give for buy new cars ever few years is that they save on maintenance fees and have a higher resell value. What this overlooks are the costs for interest, taxes, and insurance. The net of the calculations (based off a Honda Civic EX) is that at the end of the 15 years you would have saved enough to buy a new car with cash.

So this begs the question, is it reasonable to expect a modern car to last 200k+ miles? The article offers some great suggestions on which cars to choose and which ones to avoid. But even so there are several things you need to do to keep your car running.

Prevention is cheaper than a repair - check and change your oil and other fluids regularly, rotate tires, check your belts.
Keep it clean - wash your car and even wax it to keep the exterior from looking bad. You are more likely to want to keep a car that still looks good.

The lights in your dashboard are there for a reason - many times it is something minor but requires your immediate attention. Fixing it early can keep you from paying more later and even worse leaving you stranded. Squeaky brakes are usually cheaper to fix than a grinding sound.

Do you have a car with over 100k miles? If so let me know your tips and suggestions.