According to a survey by Ally Financial conducted by Harris Poll, the average American spent $1,986 over the last five years on vehicle repairs and maintenance. This figure highlights the significant costs associated with owning and operating a car in the United States.
The Cost of Car Ownership
Maintaining a vehicle is an essential aspect of car ownership, but it can also be a significant financial burden. The average cost to own and operate a new car in 2023 was $12,182, as reported by AAA. This includes expenses such as insurance, fuel, and regular maintenance.
Unexpected Repair Costs
In addition to routine maintenance, car owners often face unexpected repair costs. These can range from a flat tire or a dead battery to more significant issues like transmission problems or engine replacement. According to Chime, the costs for these unexpected repairs can vary greatly, with some costing as little as $50 and others reaching upwards of $10,000.
Factors Affecting Repair Costs
The cost of car repairs can be influenced by several factors, including the make and model of the vehicle, the age and mileage of the car, and the location of the repair shop. Luxury and high-end vehicles tend to have more expensive parts and labor costs, while older cars may require more frequent and costly repairs as they age.
Additionally, the current state of the automotive industry, such as supply chain issues and a shortage of skilled technicians, can also contribute to the rising costs of car repairs.