New Survey Shows Discrepancy in What Drivers Expect to Pay for Vehicle Maintenance
Synchrony released a new Cost of Car Ownership survey, showing a steep difference between what drivers think they’re paying and what they’re actually paying to maintain their vehicles.
As shared in a press release, the survey showed that drivers are paying nearly 167% more per year than expected to keep their current vehicles on the road, representing a $4,565 discrepancy. Even vehicle owners who have held onto older models—which is a growing number—have faced rising costs.
Excluding loan and lease payments, car owners estimated spending $2,738 annually on their vehicle. However, the survey showed the actual yearly total is $7,303. These figures are even higher for younger drivers, with Millennials and Gen Z spending $10,101 and $9,984 per year, respectively.
Increasing vehicle prices and maintenance costs may also be contributing to a decline in multicar homes. According to Synchrony, 65% of respondents reported being responsible for only one vehicle in their household, while just 25% manage two cars. These numbers fall below the 2023 U.S. Census, which showed 37% of households had two vehicles and 22% of households owned three cars or more.
When looking at age demographics, Gen Z and Millennials spend the most across all major categories, including car maintenance, where they spend $976 and $768 each year, respectively, compared to the $622 average. The same holds for service and repairs, including transmission replacement and engine work, where Gen Z and Millennials are spending $983 and $931 each, well above the $659 average.
“The disparity between perceived and actual spending can create real financial strain for drivers who may not be budgeting for the true cost of car ownership,” said Curtis Howse, EVP & CEO, home and auto, Synchrony. “That’s why becoming informed about the full scope of car ownership costs and planning ahead for how to pay for them is essential. Access to flexible financing can help ease that affordability burden, allowing drivers to handle routine maintenance and address unexpected repairs without making difficult financial trade-offs.”