A recent survey shows that many consumers are experiencing financial stress from the cost of repairs and services performed on their vehicles, Fox Business reports.
A survey released by Jerry has examined drivers’ responses to the rising price of vehicle repairs, which has increased by roughly 33% since March 2020.
These responses range from drivers having to borrow money to some–predominantly younger–drivers going into default on their debts and resorting to delinquency.
Car repairs are typically unpredictable and can happen to any driver, and those in the U.S. are well aware of that: a third of Americans surveyed expressed concern for their financial status in the event of an unexpected car repair bill. Over 80% expressed anxiety that an unexpected repair could cause financial hardship for them and their families.
Those who have recently undergone car repairs have not been satisfied with the amount they spent, either. Around 90% of those surveyed feel that they were overcharged, with 56% feeling that part of the total cost they paid was for unnecessary services due to a lack of pricing transparency in service costs.
To avoid high prices and the feeling of being overcharged, 36% of drivers reported seeking estimates from multiple shops, and 33% of drivers consulted family members and friends for advice on vehicle care.
