As vehicle care costs rise, drivers are prioritizing financial preparedness. According to the Gauge Index from Hankook Tire, a quarter of respondents plan and save each year for routine car maintenance and unexpected repairs.
Almost one in five (18 per cent) said they’re creating a dedicated maintenance budget for the first time this year.
Younger drivers are leading the charge when it comes to planning for vehicle maintenance. Nearly one-third of Gen Z drivers and 29 per cent of Millennials regularly plan for maintenance costs, outpacing Gen X at 23 per cent and Boomers at 16 per cent.
Additionally, 28 per cent of Millennials and 16 per cent of Gen Z drivers will create a maintenance budget for the first time this year.
When thinking about how to spend their money in 2025, drivers are bracing for higher costs in vehicle care. For instance, almost half (44 per cent) expect to spend more than $500 on routine maintenance. More than a third of Gen Z and 28 per cent of Millennials plan to spend more $1,000 on essentials like oil changes. More than half (54 per cent) expect to spend more than $500 on unexpected repairs, with nearly half of Gen Z and 38 per cent of Millennials expecting to spend more than $1,000.
When looking at tire replacement, two-thirds (65 per cent) plan to replace one or more tires, with 54 per cent expecting to spend up to $999. Common reasons include eroding tread and handling concerns.
More than half (55 per cent) plan to invest in aftermarket upgrades, with 37 per cent of Gen Z and 35 per cent of Millennials expecting to spend more than $1,000 on enhancements like custom wheels and interior modifications.
When asked about road trips, drivers are considering the costs. One in three drivers citing under-the-hood issues as a concern. Comfort is a top priority for nearly half of drivers, while 31 per cent emphasized cost-efficiency.
“These findings highlight the importance of balancing planned and unplanned vehicle expenses. With both preventive maintenance and budgeting a priority, drivers are increasingly recognizing the value of investing in vehicle care to avoid costly surprises and ensure safety and performance,” said Brooklyn Emery, brand communications manager of Hankook Tire America Corp.
Image credit: Depositphotos.com
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