Motorists must save for unexpected car expenses

Unexpected car expenses 19th June 2012

New research has highlighted the importance of ensuring you set money aside for car repairs on an annual basis, with the majority of problems likely to be unexpected.

The findings come as part of a study conducted by Marks & Spencers Money, which revealed that the average family faced around £1,800 in unforeseen payments over the past year.

According to the research, which is based on the responses of 2,000 UK adults, car repairs were the most common expense, with problems like a damaged exhaust systems among those most likely faced by motorists.

The study found that 52 per cent of respondents had forked-out money for repairs on their vehicles, with an average of £268 spent on each occasion.

A further 38 per cent of respondents paid out for new tyres at a cost of around £213 on average while 14 per cent of drivers had to pay out for car accident repair bills, at an average cost of £357.

Paul Stokes, head of savings at M&S Money, said: "It is important for families to plan ahead and save what they can to ensure they're in the best position should any unexpected expenses arise.

"The old saying ‘it never rains but it pours' can often be true when it comes to unexpected costs."

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Posted by Danielle Barge