Consumers Struggle with Repair Costs Featured

By Staff Writer August 01, 2018

Many drivers who have to pay for unexpected, major car repairs could be at risk of facing costs they cannot afford.

Fifty-one percent of consumers reported paying for major vehicle repairs in the last five years, according to a survey of more than 2,000 Americans conducted online for Ally Financial by The Harris Poll. Of consumers who reported paying for repairs, four in five (80 percent) said they spent $500 or more, and nearly three in five (58 percent) said they spent $1,000 or more. One in three (33 percent) said they spent $2,000 or more.

Meanwhile, a 2018 Federal Reserve study found that when faced with an unexpected $400 emergency expense, 41 percent of adults either could not pay the expense, or would need to borrow money or sell something to cover it.

Last modified on Wednesday, 01 August 2018 20:14

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