European Auto Repair in 2022
The landscape of car ownership has definitely changed in the last few years. If you own a European vehicle in 2022, it is much more economical to repair and maintain your existing vehicle than it is to buy a new one. In this article we will look at a few key factors and what they mean in terms of your decision making process with investing into the vehicle you are driving now versus buying a new or used car.
The Cost of Buying a New Car
Due to the global pandemic, the price of new cars has increased dramatically. You may have heard of something called a “chip shortage” that has affected the cost of everything such as general consumer electronics like a Playstation gaming console to vehicles. Everything in our modern age uses computer chips to operate and due to the chip shortage, the demand for products has gone up dramatically. It is reported that in 2020 the average price of a new car went up $3,301 and in 2021 the price went up a whopping $6,220. It is speculated that the chip shortage affecting the cost of new cars will not start to decline for the next several years. The chip shortage has also trickled down into the used car market as well. Used cars have also seen a sharp increase in average cost with some reports showing a 40% increase from 2021 to 2022. That means a new or used Mini Cooper S or Mercedes Benz E550 is going to cost you significantly more today than 2 years ago.
Your Dollar is Worth Less Today
Another effect of the global pandemic is a rise in inflation. What inflation means to us is that our dollar will buy us less than it did before. Inflation also affects interest rates and our ability to borrow money to buy new or used cars. With low inventory and rising interest rates, those great deals on financing cars are more scarce today and cost a lot more than they did in years past.
Keeping What You Have
Most of our clients love their cars. Shiny and new can be enticing however there is something uniquely attractive about the car you have broken in like a comfortable pair of shoes. You know your car and how it works. You have grown to appreciate the body lines and features that only your model year Audi or Porsche has. It was yesterday you installed the infant car seat that turned into a toddler car seat and now might be replaced by a few McDonald’s french fries in the crack of the back seat of your BMW X5. This is your car and there is no better time to repair and maintain what you have.
What We Can Do to Help
Here at M-Spec Performance we take great pride in being trusted advisors to our customers and clients especially when it comes to repair and maintenance decisions for their cars. From an economical standpoint it has never been an easier choice to fix your current vehicle. With our industry leading 3 year or 36,000 mile nationwide warranty, we ensure that your investment in your current vehicle lasts. We also have 2 convenient locations in Lindenhurst, Long Island and Middle Village, Queens to serve you. If you have any questions please give us a call at (631) 983-5552 for our Lindenhurst and (718) 386-2790 at our Middle Village location.