52% of people would use a credit card or savings to pay for car repairs, according to Allianz Global Assistance UK.
The survey reveals that 29% of respondents would have to use savings and 23% would pay for repairs using their credit card, while only 15% budget in advance for this type of unexpected cost.
The research showed that less than 15% of car owners have a car warranty to cover unexpected costs.
Head of warranty for Allianz Global Assistance in the UK Liz Grindell said: “It’s clear from our survey that most people fail to plan ahead for car repairs.
“The cost of owning and running a car doesn’t stop after paying for the insurance, MOT, road tax and fuel, but it’s easy to forget the added expenses such as new tyres and ongoing repairs and maintenance. And of course, with 79% of cars now making it to 12 years on the road, and the average age predicted to rise to 7.95 years in 2015, costs to keep cars running efficiently will rise proportionally.
“To help budget for potential repairs, many modern warranty solutions can be paid for monthly, making it a more manageable cost, and most importantly, removing the worry of potentially high repair bills.”