Detroit-based Ally Financial ALLY, in a Harris Poll survey, recently found that Americans spent an average of $1,986 on vehicle repairs and maintenance over the past five years.
Among 2,012 U.S. adults surveyed, those ages 18-34 paid an average of $2,334 for vehicle maintenance and repairs, while those age 55 and over paid $1,654.
“Many Americans rely on their cars to get to work, and losing access to your vehicle can be a major disruption and a huge source of stress — particularly if you can’t cover the repair cost,” Ally Financial President of Insurance Mark Manzo said in a statement.
"The financial strain can be even more daunting for young people who are early in their careers and may be paying down student loan debt as well."
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Younger adults are disadvantaged, according to the survey: the millennial and Generation Z demographic groups spent close to $700 more on car repairs and maintenance.
“Unfortunately, there are too many Americans who are just one unexpected repair bill away from being forced to make tough financial decisions,” Manzo said.
Ally attributes this increase in auto-related expenses due to a lack of awareness. Younger drivers aren’t aware of options, like vehicle service contracts, that help reduce repair costs, according to the bank.
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Photo by Dustin Blitchok.
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