BETHESDA, Md., Aug. 7 /EMWNews/ -- You've just made your

last car payment. Should you keep the car or trade it in for a brand new

vehicle? According to the Car Care Council, keeping your car rather than

buying a new one is the way to go, especially if your goal is to save

money.



    "People who keep their cars, treat them as valuable investments and

commit to regular vehicle maintenance, end up saving a lot of money," said

Rich White, executive director, Car Care Council.



    The most common maintenance procedures and repairs to keep your car

operating safely and reliably while maintaining its long-term value involve

checking the oil, filters and fluids, the belts and hoses, brakes, tires

and air conditioning. The council also recommends an annual tune-up and

wheel alignment.



    Over a four-year period, the difference in the savings between keeping

a car and buying a new one is $10,894, according to Runzheimer

International.



    The cost comparison identified the expenses of keeping a 2003

6-cylinder, 4-door sedan that gets 21 miles per gallon (mpg) and costs

$19,727, versus buying a new 6-cylinder, 4-door sedan with 23.5 mpg that

costs $23,451 and had a down payment of $10,158, the trade-in value of the

older car.



    At the end of four years, expenses on the used vehicle, including fuel,

license, registration, taxes, insurance, maintenance and tires, were

$16,548. A resale value of $3,759 puts the total four-year cost at $12,789.



    On the new car, expenses including the car payment, interest on the car

loan, fuel, license, registration, taxes, insurance, maintenance and tires,

totaled $32,258. A resale value of $8,575 puts the total four-year expense

of the new car at $23,683.



    "We advise our clients that if they want to see an increase on their

investments every year they need to cut down on their expenses," said Terry

Mulcahy, vice president of investments for R.W. Baird in Mequon, Wis. "A

new automobile is for most people their second biggest investment next to a

home, so a great way to save money and increase financial assets is to hang

onto their current vehicle rather than buy a new one every few years."







    The Car Care Council is the source of information for the "Be Car Care

Aware" consumer education campaign promoting the benefits of regular

vehicle care, maintenance and repair to consumers. For a copy of the

council's consumer-friendly Car Care Guide or for more information, visit

http://www.carcare.org.