Inflation Drives Drivers to Rethink Costly Car Repairs vs Buying New
Drivers across the United States are facing a harsh economic dilemma: repair expensive vehicle troubles or purchase a new or used car amid soaring inflation. Mike Hilzley of Auto Safety Center in West Bend, Wisconsin, urges consumers to carefully calculate costs before making a move.
“In a tough economy do you fix your car or dump your car,” Hilzley said, emphasizing the importance of running the numbers before deciding. Despite rising repair bills, he insists maintaining your current vehicle often makes more financial sense than buying anew.
Car Payments vs Repairs: The Real Cost Breakdown
According to bankrate.com, the average cost to own a new vehicle reaches $735 per month, totaling $8,800 annually. Meanwhile, used car ownership averages $523 monthly, or about $6,279 per year. These costs exclude inevitable repairs like tires and brakes, which are common for used cars.
“Aused car will likely need tires, brakes, and all sorts of different work,” Hilzley said, highlighting that extended loans averaging 66 months – equal to five and a half years – further strain budgets. Repair financing options are available at Auto Safety Center, including six months at 0% interest, making vehicle maintenance more accessible during tight financial times.
Inflation Tops Economic Concerns for US Businesses
Recent employer surveys show that 35% of companies identify inflation as their biggest economic hurdle, followed by workforce shortages at 25% and rising health care costs at 16%. These pressures trickle down to consumers who must stretch every dollar, especially when unexpected vehicle repairs hit.
Hilzley encourages drivers to “explore all your options and run the math” when facing costly auto repairs rather than rushing into a new car purchase. He underscores that, even amid inflation, maintaining your current vehicle almost always results in better financial outcomes over time.
Local Auto Safety Center Serves 4 Wisconsin Communities
Auto Safety Center supports customers through four convenient locations, with two in West Bend, one in Cedarburg, and a fourth in Menomonee Falls. The company offers expert advice and transparent pricing to help drivers navigate economic hardships without sacrificing safety or convenience.
For Kentucky drivers and communities, the economic reality is similar. High inflation means tough decisions on owning or repairing vehicles are top of mind. Auto repair shops offering transparent cost comparisons and financing options could be critical allies in managing household budgets effectively.
What’s Next?
As inflation continues to pinch wallets nationwide, consumers should remain vigilant, budgeting wisely for vehicle upkeep and weighing all financial options. Auto Safety Center stands ready with financing and expert assessments to help drivers minimize costs while maximizing vehicle longevity.
Stay informed on local and national economic impacts on vehicle ownership at Kentucky Insider and trusted auto repair specialists like Auto Safety Center.
