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Extending the life of your car
With the average price for both new and used cars skyrocketing, many people are trying to ride out their older ones for as long as possible.
NEW YORK - Jeffrey Deneroff bought his car 9 years ago with just over 20-thousand miles on it.
"It’s a car I bought that if I bought today it’d probably be 2.5 to 3 times the price," Deneroff said.
So that’s why instead of selling and buying new he brought it to The Little Garage in Huntington for routine repair in order to maintain its integrity and prolong its life.
"Today I’d spend more on repairs," Deneroff said. "To replace the car would be more expensive."
Owner Matt Meng says since the beginning of the pandemic he’s seen this trend - more people buying out their leases or hanging onto their used cars longer.
"The average car now is up to 16 years and easily up to 200,000 miles," Meng said.
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Meng has seen a 30-percent increase in repairs and maintenance over the past two years - this as there continues to be a lack of new cars and higher prices all around.
"I’m seeing people protecting their investments in the cars they currently have," he said.
According to Edmunds.com, the average price for a used car is close to 30,000. It’s more than a 29-percent increase year over year when considering the average cost in 2020 was just over $23,000.
Used car manager John Gruskin with BMW of Bayshore has over 300 cars in stock but that’s far from the case for all dealerships.
"Prices are higher than we’re used to but you’ll get a little more for your trade-in so it washes things out," Gruskin said. "It’s a little COVID, shipping supply, manpower to move metal and the chip shortage and everyone’s aware."
Experts predict it easily could be another year until the industry gets back to normal.