The financial squeeze has resulted in a reprieve for cars over 10 years old, a new research suggests.
A survey of 2,000 UK drivers with older cars revealed more than half (57%) will keep their car for longer due to worries about the current economic situation.
However, running an ageing car has, in some cases, caused some motorists financial anguish, with 10% claiming some repair bills have run into the thousands.
Nearly one in 10 aren’t sure how much their older car has set them back, while 21% reckon they’ve spent more on repairs in any given year than they think their entire car is actually worth.
“It’s important when budgeting for a new car to consider maintenance costs, which will be required throughout its life,” said Mark Carpenter, CEO at nearly new vehicle retailer Motorpoint, which commissioned the study.
“In the current climate, many motorists will look to weigh up the pros of hanging on to an older car, which they may own outright, with financing a newer one that may meet their needs for additional space, lower emissions, improved economy, and safety equipment.”
The research also found that almost a third (31%) have had a bill of £400 or more in the past year for an unanticipated but essential maintenance item, while 10% have had a single bill of £1,000 or more.
For people who do foresee a change on their driveway, 57% will go for something pre-owned but newer than their current one.
Lower running costs (24%), improved reliability (13%) and just wanting a change (7%) were the top reasons people would consider switching their older car.
More than a third of drivers aged 17 to 24 (37%) are putting off necessary repairs to their vehicles in an attempt to cut their outgoings as the cost-of-living crisis bites< according to new research.
The 2022 RAC Report on Motoring also found nearly a fifth of young people (16%) say they are delaying getting major repairs made – which might include work such as replacing a handbrake or cracked windscreen.
However, a huge 28% are putting off other repairs, which include fixing minor oil leaks or replacing brake discs.
What’s more, young drivers are more than twice as likely (37%) as average (14%) to say they have deliberately delayed getting any repair work completed, with those who drive cars over 10 years of age (19%) and who live in town or city centre areas (25%) also significantly more likely to put work off.
Perhaps surprisingly, drivers of all ages are more inclined to skip repairs in a bid to save money than they are to either reduce how often they get their vehicles serviced or switch to a cheaper insurer.
Just one-in-10 of all drivers (9%) say they are servicing their vehicles less frequently and 13% say they have got a cheaper insurance policy, compared to 14% who have put off getting repairs done.
“Without question, putting off vehicle repairs or skipping routine servicing are both false economies, but these figures show in all-too-stark terms just how many drivers, especially younger ones, feel they have to do this to lower their spending in the face of rising prices,” said RAC spokesman Rod Dennis.
“The fact over a third of young drivers are deliberately delaying getting their vehicles fixed to cut costs is actually a harbinger of future unwelcome – and possibly far larger – garage bills.
“What’s more, not getting work to a car done means the chances of it letting a driver down shoots up, making it potentially less safe.
“And as the average age of cars on our roads is getting older due to fewer people trading up to new cars, it looks as though many of them will also be in a poorer overall state of repair which is bad news for everyone using the roads.”
The automobile is among the most important inventions in human history. It allowed people to travel great distances in a shorter amount of time. Whether for work or leisure, it has a place in any home.
But owning a car means taking care of it, too. That is why it pays to have insurance for the car. It can cover most maintenance costs and even those you do not expect. CarShield reviews, for example, show that they cover most of what the manufacturer warranties do.
But there are things that your insurance may not cover. Most of the time, damage caused by lack of maintenance would not be part of them. So, what happens if you suffer a breakdown and cannot pay for the repairs?
Fortunately, you have other options aside from relying on your insurance.
Make Payments for Your Repair
One of the best solutions is to talk to your mechanic. They could offer you the chance to pay for the repair cost on an installment basis. That is especially true if you are a long-time customer—or better yet, if you know them personally.
It may not be as simple as that, though. Some auto shops could legally put a mechanic’s lien on your car. What that means is you have a limited time to pay the bill. If not, they can keep the car in their garage until you do so.
The time would depend on where you are. Some states offer 30 days, while others have 10 days. Do your due diligence and research this first.
Get a Second Opinion
It could be worth your time and energy to bring your car to another mechanic for a second opinion. Cars are very complicated machines. The diagnosis of one mechanic can differ from another.
At the very least, a second opinion can highlight a more affordable solution. At most, the original diagnosis is wrong, and the problem is not as big as initially thought.
Use Your Credit Card
If that is the case, you may want to use your credit card instead. What happens is that you get to pay the mechanic in full while essentially acquiring a loan from your card provider.
Some auto shops offer installment payments covered by accredited credit cards. Be wary of the interest rates, though.
Auto Repair Loan
Some companies offer a loan specifically for auto repairs. Providers can offer hundreds or thousands of dollars for you to get the car fixed. The best part is that getting the process started is easy.
All you need to do is visit the website of an auto loan provider. They will have you fill up a form with your details and the diagnosis of the car. They would then analyze your application.
The entire process takes just a few hours from application.
While convenient as that may sound, do not go for the first provider you find. Go to a few websites to read their guidelines. Better yet, call them to get a clear quote. Once you have at least three, compare their offers. That way, you get the best bang for your buck.
Look at the experience of other people with the companies you have researched. Visit review sites and ask people you know. That is a valuable insight to get for an informed decision on your part.
Look Into the Secondhand Market
What makes a car repair expensive at times is the cost of new parts. That usually involves ordering brand new parts from the manufacturer. There is an alternative, though.
The secondhand market is flooded with different parts that are usually still in perfect working condition. These can come from cars that were upgraded or have a different issue. Either way, they have a part you need at a lower cost.
The risk here is making sure the part works well. If you do not have a good working knowledge, you need to ask an expert for some help. Your mechanic is an option. Better yet, you can ask your family or friends if they are well-versed in finding used car parts.
Do-it-yourself
Do you have some mechanical skills? Going to the mechanic can be expensive because that is their job. They need to earn. But if you can do it yourself, you can save a lot of money.
Sell Your Car
If the auto repair is expensive, you may want to crunch the numbers instead. Is it worth repairing? Are you paying too much to face more future headaches? Or is it time to let go of the car and get a new one instead?
Sometimes, a repair does not make sense if the practicality is no longer there. Stop pumping money on an old car that breaks down a lot. In the long run, a new vehicle is cheaper.
