If you’re like many Americans, your car is your lifeline. When it’s in need of repair, being able to cough up the cash to keep it running is critical.
A new survey finds U.S. consumers spent an average of nearly $2,000 on vehicle repairs and maintenance in the last five years, with millennials and generation Z being hardest hit by the costs. The 2019 Ally Financial survey, conducted online by The Harris Poll, found that while adults 55 and older spent $1,654 on average for vehicle maintenance and repairs in the past five years, millennials and generation Z paid an average of $2,334 during the same timeframe.
Ally’s survey results come on the heels of research from the Federal Reserve, which found nearly four in 10 adults would not be able to cover unexpected expenses of $400 without selling something or going into debt.
