High gas prices will affect how consumers view auto repair needs in a few ways, according to a recent report.
An Aftermarket iReport from Lang Marketing listed the mode of repair, how auto repairs are purchased, and where do-it-for-me (DIFM) repairs are performed as facing the biggest impacts of consumer behaviour when it comes to repairing their vehicles.
“If gas prices remain high through the year, the typical family is looking at spending an additional $2,000 at the pump during 2022. This will have significant consequences for how consumers manage other expenditures,” said the report, Raging Gas Prices Shake Up the Aftermarket, Analysis 3: Consumer Auto Repair Behavior.
With higher prices, vehicle owners will look to more DIY options to save money, particularly on routine maintenance.
“This will increase the product share of the do-it-yourself market during 2022, slowing and perhaps reversing last year’s recovery of do-it-for-me repair from the DIY surge in 2020 promoted by COVID-19,” Lang’s report said.
With a higher cost of gas comes reduced vehicle usage. So customers who used to visit a store in person for products will now look for online options.
“Eliminating the trip to a retail outlet will cut the cost of needed parts (by reducing driving) in addition to whatever savings might be available from online sources,” the report said.
The DIFM impact will be seen in the online-to-offline (o2o) way of doing business. This is when consumers buy products online and then visit their preferred shop for offline installation.
“Products already experiencing significant o2o activity (such as tires) will see an increase in o2o volume, with other types of repairs, such as oil changes and brake work, potentially receiving a boost from the streamlined purchase opportunities provided by o2o auto repair,” the report said.
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Current gas prices will definitely make some people put looming auto repairs off for a later date. This isn’t necessarily the best way to go because putting off those needed auto repairs can cause them to worsen. This will only cause the repairs to get more expensive. So, carefully consider delaying with the auto repair.
Unfortunately, the high cost of gas is going to take a toll on the funds that people will have available to spend on auto repair. But, what everyone needs to keep in mind is that neglecting auto repair can actually end up affecting gas mileage. What this means is that ignoring the need for auto repair can make it so that you spend MORE on gas.
It’s definitely tougher to stretch your paycheck with gas prices being as high as they are right now. I know that my older car needs some work done but sometimes it’s tough finding the funds for it. But I know that I have to bite the bullet and get it done or else my car will get worse and more expensive to fix.