Drivers consider new cars when repair costs top £772

New research has revealed the repair bill price point where drivers consider replacing their vehicle.

According to a survey carried out by online marketplace CarGurus, motorists start seriously thinking about replacing their cars rather than fixing them if repair costs exceed £772 in a year.

The survey polled 1,000 UK drivers without warranties on their cars.

It also found that repair times of more than 10 days will also tempt many drivers to seek a replacement and that they are willing to pay an average of £14,320 on a new car.

Chris Knapman, editorial director at CarGurus UK, said:

“Drivers are holding onto their cars for longer, and yet tolerance for unexpected issues remains very low. For those who have reached breaking point, upgrading to a car with a long manufacturer-backed warranty makes sense and can easily be done within the average £14,320 budget that owners are willing to spend.”

Half of drivers have had to pay for unplanned for repairs in the last year, with average costs £269.