Survey: Millennials & Gen Z spending more on vehicle repair & maintenance
By SubPrime Auto Finance News Staff
DETROIT – Younger consumers are paying more for vehicle repairs than their older counterparts, according to a survey orchestrated by Ally Financial, which also reinforced the value of vehicle service contracts.
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A recent Ally survey conducted online by The Harris Poll among 2,012 U.S. adults determined that, on average, Americans spent $1,986 on vehicle repairs and maintenance during the last five years.
Millennials and Generation Z (individuals ages 18-34 for this survey) paid an average of $2,334 for vehicle maintenance and repairs in the past five years — a significantly higher financial burden than baby boomers and older adults.
In comparison, the survey indicated adults 55 and older spent $1,654, on average, during the same timeframe.
