Central Credit Union Of Illinois

An Easy Plan for a $500 Car Repair Bill

by Jerry Edgerton / August 6th, 2020

The average car repair bill costs between $500 and $600—an amount that would have many Americans reaching for their credit card.

A survey from AAA found that 33% of American drivers would need to go into debt to pay for a car repair. That translates to 64 million drivers without enough savings to cover a routine expense.

How can you avoid being one of them? AAA counsels putting $50 a month aside in savings for a car-care fund.

“To avoid a surprise down the road, drivers should budget for monthly payments, insurance premiums, fuel costs and the inevitable expenses of routine maintenance and repair,” says John Nielsen, AAA's managing director of automotive engineering and repair.

To avoid such a crisis, AAA makes the following suggestions:

No matter how new or well-made your car, some repairs are inevitable. So avoid that anxious feeling when hearing the repair cost by knowing you have money set aside to cover it.

NCUA Equal Housing Lender
Printed Saturday, May 28, 2022

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