Motorists have paid £10billion on unexpected repairs in the last 12 months
Drive Fuze's research has revealed an astonishing amount was spent on unexpected car repairs last year
Drive Fuze has commissioned a study of 2,000 UK drivers that has found 68% have been hit with a hefty repair bill in the last year that they didn’t anticipate. Were you one of them?
Working with OnePoll, Drive Fuze have got to the crux of the costs that UK motorists have faced in the last 12 months and why more drivers are considering alternatives such as an all-inclusive car subscription.
Read on for the headline stats...
1 Motorists have forked out a collective £10billion on unexpected repairs in the last 12 months – thanks to failed MOTs, damaged windscreens, and flat or worn tyres.
2 Warning lights on the dashboard have led 22% to fork out for pricey repairs, and 15% have had to cough up in the event of a damaged or cracked windscreen.
3 And 31% of those hit by unexpected repair bills have been caught off guard within the first six months of purchasing their vehicle.
4 It comes after reports that the number of pothole related incidents – a common cause of unexpected repairs – are up 10% compared to last year with faults including broken suspension springs, damaged shock absorbers and distorted wheels.
5 The study, commissioned by all-inclusive car subscriptions provider, Drive Fuze, found the average cost of unexpected repairs amounted to £582 each, with one in 10 paying in excess of £1,500 in a single transaction.
6 As a result, 59% have dipped into their savings to cover the cost, with 14% borrowing from friends or family, and 12% ending up in debt because of bills they never planned for.
7 The same number (12%) have had to put off other things such as less pressing repairs on their house, and one in 20 have even had to cancel a holiday abroad.
COO James Birch said:
“Our study has shown how many drivers have been caught out by repairs needed to their car, because when the time comes, there’s often no option but to find the money somehow.
“Having access to a car is key for so many of us and the way we live our lives – but it can be a burden too.
“All-inclusive car finance options can be a good way to eliminate unexpected bills, outsource the admin and make household budgeting easier.”
8 The research, found that for 38%, unexpected repairs arose out of an MOT – and 29% resulted from routine servicing.
9 So it’s understandable that nearly six in 10 (58%) of motorists now fear the worst every time their car goes for an MOT or service.
10 Only half of motorists know how much their car costs them to run each month – a lack of clarity that could explain why two-thirds feel nervous about buying or leasing a new one.
11 The cost of living is a concern for 43% when looking to change car, with a similar number (42 per cent) citing worries about how a change in their financial situation could impact them.
12 Looking at car finance options, drivers are most likely to understand how personal loans work (58%), followed by hire purchase (49%), personal leasing (32%) and personal contract purchase (29%).
13 One in five (21%) say they are familiar with car subscriptions, and a similar number (22%) say they don’t understand any of the car finance models on the market.
14 Drivers’ perceived drawbacks of personal contract purchase and personal contract hire solutions include a high upfront deposit (50%), inflexible contract (42%) and having to wait for a car (23%).
James added:
“Getting a new car is a big commitment, and it’s not a decision to take lightly – especially if you’re looking at a contract you’ll be locked into for three or four years, with hefty exit fees should your circumstances change.
“That’s where all-inclusive subscriptions come in – and lots of the other downsides of other finance options don’t apply either."
An all-inclusive car subscription from Drive Fuze can take away the fear that you may experience when it comes to running a car. A predictable and fixed monthly payment can help to eliminate unexpected bills, outsource the admin and make household budgeting easier. All your servicing, maintenance, insurance, breakdown cover is included and so is fair wear and tear on tyres too, literally all you need to budget for is petrol or EV charging - find out more.