Car repairs were more expensive than ever, and the average repair cost of $1,000 to $2,000 was the highest in decades, according to a new report.
That’s according to the annual report from the Consumer Financial Protection Bureau (CFPB), which also found that the average car owner had to shell out $1.9 million for repairs in 2017.
The report says that, on average, repairs cost an average of $3,500 to $4,000.
This is the most expensive car repair in history, with an average cost of about $2.5 million, the report says.
So what’s behind the increase?
One possible factor is a rising cost of maintenance.
According to the report, car owners spent $1 billion on vehicle maintenance in 2017, the most recent year for which data was available.
But many owners still do not take the time to take care of their vehicles, the CFPB says.
In 2018, the average cost for vehicle maintenance was $4.9, the highest year-over-year since at least 2002, when car owners had to pay $6,600 per vehicle for basic repairs.
When it comes to cars, the biggest culprits are safety and fuel economy, the watchdog says.
And, while consumers may be saving money by not taking on new or costly repairs, they also need to pay for them.
It’s not the only reason why the average price of car repairs is so high.
In fact, the cost of buying a used car has grown faster than the overall cost of ownership, according the CfpB.
“In 2018 we found that owners of new cars spent an average $1 million on their car,” CFPIB President Richard Cordray said in a statement.
How to save money when buying a car is a complicated process, but one of the most important things you can do is find a used or used-to-be-used car for your budget.
Read the full report here.
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