Wear and tear costs: A long road trip can inflict costly damage on your car, even if you don't notice it right away. Every mile results in a certain amount of wear and tear to the engine, the tires and other moving parts.
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No, a long trip isn't bad for your vehicle. Given your car is well prepared (check fluids, tire pressures and stuff before you go), a 700 mile trip will be much better for your car than 700 miles worth of short trips and stop and go traffic.