OVER TWO-THIRDS OF DRIVERS HAVE HAD TO PAY FOR UNEXPECTED CAR REPAIRS IN THE LAST YEAR

Over two-thirds of drivers (68%) have had to shell out money in the last 12 months for unforeseen repairs to their vehicles – with 12% even ending up in debt as a result, a study has found.

A survey of 2,000 motorists found that the average car owner has had to pay £582 that they had not budgeted for, to sort out costly fixes on their car – adding up to a collective £10 billion across the UK.

And 10% have even had to fork out over £1,500 in a single transaction – with cracked or damaged windscreens (15%), and warning lights on their dashboard (22%), named as the biggest pricey culprits.

Meanwhile, pothole-related incidents such as distorted wheels, broken suspension springs, and damaged shock absorbers, have risen by 10% from last year.

And almost a third (31%) of those hit by unexpected repair bills have been caught off guard within the first six months of purchasing their vehicle.

The research was commissioned by all-inclusive car subscriptions provider, Drive Fuze, and found that 59% have dipped into their savings to cover the cost, while 14% have borrowed from friends or family.

And 12% have had to put off other things, such as less pressing repairs on their house, while one in 20 have even had to cancel a holiday abroad.

A spokesman for the brand said: “Our study has shown how many drivers have been caught out by repairs needed to their car – because when the time comes, there’s often no option but to find the money somehow.

“Having access to a car is key for so many of us, and the way we live our lives – but it can be a burden, too. All-inclusive car finance options can be a good way to eliminate unexpected bills, outsource the admin, and make household budgeting easier.”

The research, conducted via OnePoll.com, found that for 38%, unexpected repairs arose out of an MOT – and 29% resulted from routine servicing. It’s understandable, therefore, that nearly six in 10 motorists (58%) now fear the worst every time their car goes for an MOT or service.

Only half (50%) of drivers know how much their car costs them to run each month – and this lack of clarity could explain why two-thirds (67%) feel nervous about buying or leasing a new one.

The cost of living is a concern for 43% when looking to change car, with a similar number (42%) citing worries about how a change in their financial situation could impact them.

Looking at car finance options, drivers are most likely to understand how personal loans work (58%), followed by hire purchase (49%), personal leasing (32%), and personal contract purchase (29%).

One in five (21%) say they are familiar with car subscriptions – although a similar number (22%) say they don’t understand any of the car finance models on the market.

Drivers’ perceived drawbacks of personal contract purchase, and personal contract hire solutions, include a high upfront deposit (50%), inflexible contract (42%), and having to wait for a car (23%).

The spokesman for Drive Fuze added: “Getting a new car is a big commitment, and it’s not a decision to take lightly – especially if you’re looking at a contract you’ll be locked into for three or four years, with hefty exit fees should your circumstances change. That’s where all-inclusive subscriptions come in – and lots of the other downsides of other finance options don’t apply, either.”

2024-04-25T13:09:10Z dg43tfdfdgfd