Study: Consumers Spent Less on Car Services in 2020

Feb. 3, 2021
Consumer data found that the use of car services declined while money spent on car and truck rentals increased 143 percent.

Feb. 3, 2021—Consumers spent 69 percent less on car services in 2020, ValuePenguin reported Monday

Using My LendingTree, a financial services platform that looks at American spending habits, ValuePenguin found use of ride-hailing and other car services took a nosedive because of the pandemic. The largest drops, when compared with 2019 data, came in May and December.  

“In 2019, our sample of My LendingTree users spent an average of $106,500 a month on car services, or nearly $1.3 million total. During 2020, the average plummeted to $32,600 a month, or more than $391,000 total,” the publication stated. 

While the use of car services declined, money spent on car and truck rentals increased 143% from 2019. Consumers also spent 120% more on bicycles and related goods. 
 

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