Survey: One-fourth of American drivers can’t afford $2,000 tab for car repairs
When it comes to making car repairs, a lot of drivers are strapped for cash.
One-fourth of American drivers questioned in a survey released by AAA say they couldn’t pay for a $2,000 car repair bill if they were faced with it today. One-fourth of drivers also say they’ve put off car repairs or maintenance in the past 12 months for economic reasons.
More than half of American drivers say they’re keeping an older vehicle because they don’t want the financial burden of a new one.
“Economic conditions have taken their toll on many Americans, resulting in them neglecting their cars and leaving them at increased risk for very expensive repair bills,” Marshall Doney, AAA’s vice president of automotive and financial services, says in a news release. “Many Americans rely on their cars for their livelihood, and losing access to them could be financially devastating during an already troubling economic time.”
According to the AAA survey, 38 percent of American drivers could pay for a $2,000 repair bill with money in a savings account, while 20 percent could pay with a credit card. Eleven percent say they’d have to borrow money to cover a $2,000 repair bill.
Slightly more Americans report being able to pay for a $1,000 repair bill, with 46 percent saying they could use savings and 22 percent relying on a credit card. Fourteen percent say they’d have to borrow the $1,000.
The telephone survey was conducted among 1,009 American adults.