American drivers are very close to their financial limit when it comes to operating their vehicles. A new survey suggests not only that 58 percent of vehicle owners could not afford an unexpected repair bill of more than $1,000, a large portion of the population is putting off important maintenance.
The survey, conducted by Financial Buzz, found that while a majority of drivers could not afford a sudden four-figure repair bill, 33 percent of those could not even afford an emergency job that cost more than $500, and 69 percent could not afford a surprise repair of $2,000 or more.
Read: Auto Dealership Service Volumes Are Down But Profits Hit Five-Year High
The same number of people (69 percent) said that they delay getting maintenance done on their vehicles. In fact, 64 percent of the 1,000 people surveyed reported that they were actively putting off maintenance while the survey was being taken, because of the expense.
The maintenance jobs that vehicle owners (and lessees) are putting off range in severity from oil and fluid changes, to odd engine noises, brake issues, tire replacements, and even recall repairs. Although some of those maintenance items can be put off without immediate consequences, they may have long term impacts on a vehicle.
That’s all the more alarming, because the majority of Americans underestimate the cost of more serious automotive repairs. For instance, the median guess among survey takers was that a transmission replacement costs $2,000. In actuality, it costs between $4,000 and $7,000.
Similarly, 53 percent of owners underestimated the cost of an engine replacement. The median guess was that it would cost $3,500, but it actually costs $4,000-$10,000. Even in less catastrophic scenarios, people underestimate the cost of big jobs. Most people guessed that replacing their brakes would cost $300, but that’s actually the lower end of the range, and prices can rise as high as $800.
Fortunately, most drivers said they don’t hold off on repairing their vehicles for too long. While 14 percent of drivers said they put off repairs for a month or more, 43 percent said they wait less than two weeks and 31 percent they don’t delay at all, once they’re aware of a problem.
