HAMILTON – One in four American drivers would be unable to pay for a car repair of $2,000 if faced with one today, according to the results of a survey released by AAA. The survey also found one in eight wouldn’t be able to pay for a repair bill of $1,000.
More than half of American drivers also said they are holding onto their older vehicle because they do not want the financial burden of a new one. And, one quarter of drivers admitted to neglecting repairs and maintenance on their vehicles in the past 12 months due to the economic climate, which AAA Automotive experts say could greatly increase the chance that their car will need a costly, major repair.
“Many Americans rely on their cars for their livelihood and losing access to them could be financially devastating during an already troubling economic time,” said Tracy Noble, spokesperson for AAA Mid-Atlantic.
“It’s important for drivers to not only continue to maintain their vehicles, but also have a financial emergency plan in place should they be faced with a sudden unexpected auto repair bill,” continued Noble.
According to the survey, 38 percent of American drivers could pay for a $2,000 repair bill with funds in a savings account, while 20 percent would pay with their credit card. Eleven percent said they would have to borrow money from their friends, family, retirement or home equity in order to pay for a $2,000 repair.
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