The findings, published by Allianz Global Assistance UK, show that 52 per cent of people use a credit card or savings to pay for their car repairs.
Liz Grindell, head of warranty for Allianz Global Assistance in the UK, said: ‘It’s clear from our survey that most people fail to plan ahead for car repairs.
“The cost of owning and running a car doesn’t stop after paying for the insurance, MOT, road tax and fuel, but it’s easy to forget the added expenses such as new tyres and ongoing repairs and maintenance.
“And of course, with 79% of cars now making it to 12 years on the road, and the average age predicted to rise to 7.95 years in 2015, costs to keep cars running efficiently will rise proportionally.”
The survey found that 29 per cent of respondents have to use their savings and 23 per cent have to use a credit card, while only 15 per cent budget in advance for unexpected car repair costs.
Less than 15 per cent of car owners have a warranty to cover repair bills.
Share your stories and let us know if you relate to these findings. Have you watched customers drive away with a dangerous fault because they couldn’t afford the repair bill? How is this affecting your business, are you seeing a rise in people turning down work due to the cost? Leave your comments below or tweet us @GarageWireUK.