Cars are getting more expensive. Here's how to keep yours on the road longer to avoid costly payents
With the average new-vehicle price in the U.S. at nearly $48,000 and the cost of a used automobile averaging almost $29,000, many people are getting repairs done and keeping their vehicles longer DETROIT -- With the average new-vehicle price in the U.S. at nearly $48,000 and the cost of a used automobile averaging almost $29,000, many people are getting repairs done and keeping their vehicles longer . That's boosted the average age of a vehicle on U.S. roads to a record 12.5 years this year, according to state registration data gathered by S &P Global Mobility. New and used vehicles are pricey because of computer chip shortages that began with the coronavirus pandemic. And monthly payments have been pushed even higher because the Federal Reserve has been raising interest rates. New vehicle loans now are around 7% on average. Here's how experts say you can keep your old ride running longer so you can avoid the sky-high prices and hefty monthly payments: DO THE REGULAR MAI...