New research reveals that an unexpected repair bill of less than £800 would lead most British drivers to replace their current car.
A survey of 1,000 UK motorists by CarGurus found that needing to spend £772 on car maintenance is one of three ‘breaking points’ that prompt drivers to look for a new vehicle.
Nearly three quarters (72 percent) of those surveyed said they felt stressed by the thought of having to spend money on unplanned car repairs.
Reaching a breaking point
The survey uncovered that a requirement to spend £772 on car maintenance over a 12-month period would lead most drivers to begin searching for a new vehicle.
In addition, having to wait more than 10 days for a repair to be completed, or having a car with three or more faults, could also see drivers reach a breaking point.
With motorists seemingly quick to jump to a replacement vehicle, respondents noted they would be willing to spend an average of £14,320 on a new car.
This represents a £13,547 difference compared to the theoretical £772 maintenance bill, or an increase in expenditure of 1,752 percent.
Low tolerance for maintenance issues
Respondents said they spent an average of £427 annually on planned car maintenance, including servicing and MOT costs. Yet, 50 percent of those questioned said they had to spend an additional £269 each year on unplanned repair costs.
Needing to spend money on car maintenance is clearly a worry for those surveyed. Forty percent of respondents said they were currently putting off car repairs due to the cost, leaving dashboard warning lights illuminated and worn tyres in place.
Chris Knapman, editorial director at CarGurus UK, said: “There is always the potential for the occasional unexpected car expense, yet as drivers are holding onto their cars for longer, our study shows that the tolerance of unforeseen issues is very low.
“For those who have reached breaking point, upgrading to a car with a long manufacturer-backed warranty can make a lot of sense, and is perfectly possible within the average budget of £14,320 that owners are willing to spend.”
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