As the car companies debut their new cars at the Detroit Auto Show this week, the Engine Repower Council (ERC) suggests that drivers think twice about purchasing a new car and consider engine repowering as a way to save money in the long run.

“While the shiny new cars introduced at the auto show can be really tempting, making a one-time investment to repower a vehicle’s engine in these tough and uncertain financial times can save tens of thousands of dollars,” said Steve Rich, chairman of the Engine Repower Council. “For the cost of an average down payment on a new car or truck, you can repower your vehicle with a remanufactured/rebuilt engine, gaining years of reliable and fuel efficient transportation without monthly car payments and higher insurance rates.”

According to Edmonds.com, the average car loan payment is $479 per month. Consequently, $22,992 can be saved by skipping car loan payments for the life of a four-year loan. At the cost of a down payment for a new car, repowering provides a very sound and cost effective investment, says the ERC.

With repowering, a vehicle’s engine or an identical one from another like-vehicle is completely disassembled, cleaned, machined and remanufactured/rebuilt, according to the council. Unlike used or junk yard engines with an unknown performance and maintenance history, repowered engines are dependable, reliable and backed by excellent warranty programs.

In addition to its financial benefits, engine repowering also saves the tremendous amount of energy used in processing discarded engines and vehicles. According to the ERC, it also saves an incredible amount of raw materials that would have been used in building a new engine.