As if gas weren't expensive enough, car repairs - that other, more subversive automobile expense - may be more taxing on the average consumer than many business leaders assume.
According to a study released this week by travel services firm AAA, one in four American drivers would not be able to afford a $2,000 car repair if faced with one today. Additionally, one in eight respondents would not be able to afford a repair of $1,000.
One-quarter of respondents also claimed they have neglected repair work on their automobiles over the past 12 months due to the financial climate.
"Economic conditions have taken their toll on many Americans resulting in them neglecting their cars and leaving them at increased risk for very expensive repair bills," said Marshall Doney, vice president of automotive and financial services at AAA. "Many Americans rely on their cars for their livelihood and losing access to them could be financially devastating during an already troubling economic time."
Doney highlighted the importance of having a financial emergency plan in place should a pressing auto-related repair or concern arise.