One of the biggest costs when it comes to driving will undoubtedly be the repairs that we will have to face. All cars, no matter in what condition they happen to be in, will at some point need to be repaired. So how about making some space in our budgeting for those repair bills well in advance?
It’s been found that drivers in the UK are just not making allowances for repair bills. Want Driving Lessons has found that drivers in the UK are risking breakdowns and some huge driving bills because of this. It’s been found that only 29% of drivers make a plan to cover the cost of car repairs well before they happen- something that will definitely help with finding the funds later on.
The 29% s made up from 15% of drivers who budget in advance for maintenance and repair work. 14% of the 29% say they have a warranty in place that pays for this work when it’s needed. The study was carried out by Allianz found that 29% of drivers say they would need to dip into savings to meet any repair costs. Another 23% reveal they would be forced to use their credit card or to take out a small loan for the larger amounts, to cover this type of cost.
Liz Grindell, the UK Head of Warranty for Allianz Global Assistance said: “It’s clear from our survey that most people fail to plan ahead for car repairs, with a small minority of people budgeting for extra costs and even fewer having suitable warranty cover. How many people would be happy having to use their savings to fix their car rather than to pay for a holiday or splash out on that new gadget or pair of shoes? 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.”
Want Driving Lessons strongly recommend having a plan B when it comes to finding funds for car repairs. Whether it’s from an MOT or a repair from an accident that will have a hefty bill to pay. All these will require funding and having an amount in reserve just in case will stop you having to worry about a last minute dash to the bank. Althogh bank accounts are a safer place to store these funds over stashing amounts in a mattress or a bedside cabinet!
Ways to do this could include having an amount stowed away in a current account for a rainy day. You could also think about other high interest bank accounts where you can withdraw an amount at the last minute. Most garages will take cheque although some smaller places may demand cash only, it’s a good idea to have a ‘go to’ garage that you know will be able to help with most repairs.