Cost of unexpected car repairs hitting Britons with no savings put aside
Updated: Jun 10, 2024
The cost-of-living crisis has left many Britons on the financial edge, with nearly half the population lacking sufficient savings to cover sudden expenses.
Recent figures highlight a stark reality: 46% of people have less than £1,000 in savings, and a quarter have a mere £200 or less. This financial precariousness means that unexpected costs, such as car repairs, can pose significant challenges.
A survey by Moneyboat reveals that a significant portion of the population faces steep costs when dealing with car repairs.
The survey found that 5% of respondents paid between £0 and £99 for their most recent car repair. Another 13% reported costs ranging from £100 to £249. The largest group, 20%, faced bills of £250 to £499, while 13% had to pay between £500 and £749. For 6% of people, the cost was between £750 and £999, and another 6% faced expenses exceeding £1,000. Meanwhile, 18% did not own a car, and 16% had not needed repairs. Only 3% were unsure of their costs.
On average, car repairs cost Britons £466.60, a significant financial burden.
The survey also looked at fines related to driving. It revealed that 7% of respondents had recently paid between £0 and £49 in fines. Another 9% had fines of £50 to £99, and 8% faced fines between £100 and £149. Six percent of respondents paid fines ranging from £150 to £199, while 3% had fines of £200 to £249. Only 1% reported fines exceeding £250. Notably, 63% of respondents had not paid any fines in the past year, and 2% were unsure. The average fine stood at £113.60.
These findings highlight the financial strain many Britons are under. The cost of unexpected car repairs and fines adds to the pressure on those already struggling to manage their finances in the current economic climate.
