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(NewsUSA) - Everybody wants a new car. You see a nice car pass you on the highway and think, "Why can't I have that?" However, financial planners say keeping your current car may help secure financial freedom in the long run.
"We advise our clients that if they want a 10 percent 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."
Repowering the engine in your existing car is one cost-effective option.
"When a car or truck suffers major engine damage, often the first reaction of most consumers is to buy a new or used vehicle, but the cost to repower an engine is a drop in the bucket compared to monthly payments on a new car," said Tom Schrader, chairman of the Engine Repower Council. "The bottom line is that a repowered engine makes a vehicle more dependable, more fuel efficient, less polluting and more valuable."
With repowering, your engine or an identical one from another like-vehicle is completely remanufactured/rebuilt. Also, unlike installing a used or junk yard engine, critically important internal parts get replaced with new ones that meet or exceed original equipment performance standards.
Frequently, remanufactured/rebuilt engines are better than the new engines installed at the factory because the original factory engine problems have been redesigned or repaired with better quality parts. They are dependable, reliable and backed by excellent warranty programs that also usually cover installation expenses.
The Engine Repower Council is a nonprofit organization that educates consumers about the economic and environmental benefits of remanufactured/rebuilt engines. The Engine Repower Council supports the "Be Car Care Aware" consumer education campaign.
For more information, including where to find qualified rebuilt engines and installation providers, visit www.enginerepower.org.