Today’s cars are lasting longer than ever before, with the average age hitting a peak of 11.9 years in 2020. One quarter of cars on the road are at least sixteen years old. But cars are also getting more expensive, and borrowers are taking on larger loans with longer terms. The average auto loan balance was $19,865 in 2020, according to Experian. That’s about a 33% increase from a decade ago.
Whether you’re still making payments on your vehicle or own it outright, extending its lifespan as long as possible will prevent you from incurring unexpected repair or replacement costs.
9 Ways to Extend the Lifespan of Your Car
Buy the Right Car
To the best of your ability, you should estimate a potential vehicle’s annual maintenance costs, fuel costs, and average lifespan to determine your annual vehicle costs. This will help you compare cars and choose one that is a good value.
According to a recent study from automotive research company iSeeCars.com, you’re more likely to get a longer lifespan from a Toyota or a full-size SUV. The following vehicle models have the most cars on the road still after 200,000 miles:
| Vehicle | % of Cars Over 200,000 Miles | 2021 Starting MSRP |
| Toyota Land Cruiser | 16.3% | $85,665 |
| Toyota Sequoia | 11.2% | $50,400 |
| Chevrolet Suburban | 5.1% | $52,300 |
| Ford Expedition | 4.9% | $49,025 |
| Toyota 4Runner | 4.1% | $36,375 |
| Toyota Avalon | 3.9% | $36,125 |
| Chevrolet Tahoe | 3.9% | $49,600 |
| Toyota Highlander Hybrid | 3.8% | $38,735 |
| Toyota Tundra | 3.7% | $34,025 |
| GMC Yukon XL | 3.6% | $53,700 |
Read the Manual
Your car manual isn’t just a paperweight for your insurance documents in the glove compartment. It contains important information about how to properly maintain your vehicle, warning signs to watch out for, and how to troubleshoot issues. Your manual will tell you:- How to keep your car clean without hurting the paint or fabric
- How to understand what each warning light means and what you can do if there’s an issue
- How to check your tire pressure and know the correct PSI level for your vehicle
- How and when you should check your fluid levels, and how to replace them
- When to replace the battery and what kind of battery you’ll need
- When to perform other regularly scheduled maintenance
Drive Safely
Both rapid acceleration and hard braking will increase the cost to maintain your vehicle and shorten its life. If you avoid hard braking and acceleration, you’ll also be safer on the road, and may even be able to get discounts on your car insurance if your insurance provider offers a safe driving program.
A study from the U.S. Department of Transportation found that safe braking and acceleration was correlated with improved fuel economy. And hard braking shortens the lifespan of the breaks and pads, requiring more frequent maintenance. It also puts pressure on the suspension, ball joints, and wheel bearings and causes damage to the rotors from overheating.
Hard braking is also one of the behaviors most likely to cause a crash, according to a report from Progressive, so keep plenty of distance between your vehicle and the car in front of you.
Keep it Clean
Keeping a clean interior will help protect the value of your car should you one day decide to sell. And regularly washing and waxing your car’s exterior will help keep tar and salt from wearing away at the paint. Rust can develop within four years if you don’t wash your car at regular intervals, and rust-related repairs can be costly.
Regularly Check Fluid Levels
Your owner’s manual will tell you how often you should change your fluids to keep your car running longer. Most importantly, you’ll want to keep up with oil changes. Otherwise, harmful particles can cause premature damage to your engine. While you’re getting the oil changed, you should check the brake fluid as well. It’s generally suggested that oil should be changed every 3,000 miles or three months, but follow the guidance in your owner’s manual and keep in mind the impact of your climate as well.
You’ll also want to check the coolant about every 50,000 miles and check the transmission fluid every six months. If your car uses power steering fluid, keep an eye on those levels as well.
Change the Air Filter
It’s relatively cheap to replace your air filter, and you generally only need to do so once per year. If you’re driving in a particularly dusty or polluted environment, you may want to change it more often. A clogged filter leads to greater fuel consumption and impacts your car’s performance. In some cars, you may be able to replace it yourself without tools.
Keep Your Tires Inflated
If your tire pressure is too low, your car won’t handle as well or be as fuel efficient. Driving with low tire pressure can decrease the lifespan of your tires by 15 percent, which means you’ll spend more money on tire replacements over the life of your vehicle. Keeping your tires inflated is one way to keep your fuel consumption and maintenance costs down and avoid accidents.
Keep Up with Repairs
Typically, delaying repairs will lead to more expensive problems in the future and possibly even safety issues. For example, a small chip in your windshield can quickly expand into a crack that requires the entire windshield to be replaced. It’s inexpensive to repair a small chip, so you should do so urgently to avoid more expensive repairs.
Get New Tires When You Need Them
Pay attention to your tire tread depth and replace your tires when necessary to avoid safety issues. Use the quarter test — if the top of George Washington’s head aligns with the tread, it’s time to start shopping for new tires. Even if there’s more tread than that, you should replace your tires at least once every six years.
Protecting Your Investment with Insurance
In order to extend the lifespan of your vehicle, you’ll want to make sure you are able to pay for any repairs that may be required as the result of an accident or other incident. While you’re legally required to carry liability insurance in most states, there are a few other coverages you should consider adding as well.
Collision and Comprehensive Coverage
Without collision coverage, you’d be on the hook for any damages to your vehicle in an accident you cause. That’s why most lenders require it — if your car is totaled after an accident, you need to be able to repay your auto loan, and that would be tough without insurance. Lenders also require comprehensive coverage, which covers non-collision events such as hail, vandalism, or falling objects.
Even if you don’t have an auto loan, you should try to find a way to fit collision and comprehensive insurance into your budget. You can choose a high deductible to keep your premiums low, but make sure you have that amount saved in an emergency fund.
Uninsured and Underinsured Motorist Coverage
This covers repairs to your vehicle if you are hit by an uninsured or underinsured driver. It will also help cover your medical bills in this situation, which is more common than you might think. According to a report from the Insurance Research Council, about one in eight drivers don’t have car insurance. This type of coverage is worth having, especially if you don’t have collision coverage, and is very inexpensive to add. Some states also require this type of coverage.
Gap Coverage or New Car Replacement Coverage
If you buy a new car, it will depreciate the moment you drive it off the lot. Cars lose more than ten percent of their value in your first month driving, which means your car will depreciate faster than you can repay your loan. If your car is declared a total loss, your insurance company will only reimburse you for the fair market value of your vehicle, but you’ll owe more than that to your lender if your car is new.
Gap coverage pays your lender the difference. New car replacement coverage, on the other hand, pays for a new car of the same make and model, which can result in an even higher payout than what you paid for your car. Depending on your insurance company, you may be able to get one or the other, or they can come as a package.
What to Do When You Can’t Afford Maintenance
Even the best insurance coverage won’t cover regular maintenance of your vehicle. But delaying or foregoing maintenance due to the cost can shorten the life of your vehicle, costing you more in the long run. That’s why you should keep a budget for car maintenance. If it helps you manage the costs, deposit money into a separate savings account each month. If you’ve found yourself with a particularly expensive surprise repair, you may need to borrow money. Luckily, you have a few options.
Borrow from Friends, Family, or Your Employer
Friends and family members should be the first resource you turn to, since they may be able to lend you money interest-free. In some cases, your employer also may be able to offer a loan, especially if you need your car to get to work. Just be sure to write up an agreement for the loan and ensure timely repayment to avoid putting strain on your relationships.
Use a Credit Card
If you already have a credit card and the cost of the repair doesn’t exceed your credit limit, putting the repair on your credit card can make sense, especially if it’s an amount you can manage to pay off in a few months. You might also consider applying for a zero percent APR credit card. With these cards, you can avoid paying interest on the repairs for the first six to 18 months. These are especially helpful for larger repairs. If it will take you longer to pay back the loan, however, you may want to look into personal loans.
Use Mechanic Financing
Many mechanics offer financing, typically in partnership with a lender. They’ll require a credit check, but you may be able to get on a payment plan that is interest-free for a number of months. Just ensure you can pay off the interest during the promotional period, or you’ll pay interest from the purchase date.
Take Out an Auto Equity Loan
If you have equity in your vehicle, you can use your vehicle as collateral for an auto equity loan. These are typically easier to qualify for than other types of financing, but they’re secured by your car, so make sure you can keep up with repayment. Otherwise, your lender can repossess your vehicle.
Take Out a Personal Loan
If you have good credit, a personal loan could be your best option, especially for a large repair. These loans typically come in amounts ranging from $500 to $50,000 and can be used for almost any purpose. The interest rates can be lower than with credit cards, but only for creditworthy borrowers. If you have bad credit, you may still be eligible for a no credit check installment loan. While you’ll pay high interest rates for these loans, you’ll also build your credit with on-time payment.