In the years before the recession, it was commonplace for drivers to buy new vehicles every one to three years, but after the economic downturn, fewer Americans can still afford to do this. In fact, the Car Care Council suggests it could be a smarter financial move to put off trading in your current car for a new vehicle. Instead, it can be better to spend money on maintenance and repairs for the car you own now, and allocate the funds you would spend on car payments to more pertinent needs, such as credit card debt.

"Hanging on to your current vehicle allows you to redirect money you would spend on a new car to pay off credit card debt, college loans and other bills, beef up savings or even take a road trip vacation," said Rich White, the executive director of the Car Care Council. "By simply budgeting the equivalent of just one new car payment, consumers could cover an entire year's worth of basic maintenance."

Eventually, drivers will need to replace their current rides, but they don't have to break the bank on a new car. there are plenty of used cars, trucks and SUVs that offer many of the same safety and entertainment features as new models, and they're more affordable. It doesn't hurt that the depreciation rate of a used car is well below that of a new one, which means you'll get more money back when you're ready to sell or trade in the used model. Drivers in the market to replace their vehicles can head to New Jersey State Auto Auction to check out the wide selection of makes and models.