AUTO-RELATED INDUSTRY GROWING BUT WHAT ABOUT THE CORE INDUSTRY?
As the auto industry in the world crumbles and is succumbing to death if not innovating to stay alive in the global market where the competition has reduced as the sales have dropped and innovations are being prioritized. The industry of auto repair and maintenance is flourishing despite the fall in sales of the manufacturers.
Given that a person can drive a car for years with no major breakdowns, its best to take a longer-term view when thinking about spending on repairs. The average American spent $1,986 over the past five years on vehicle repairs and maintenance, according to a survey by Ally Financial conducted by Harris Poll.
Among millennials and Generation Zers, (18- to 34-year-olds, as defined by the bank, which offers car loans and auto insurance) that average was higher – $2,334. People 55 and older spent $1,654 on average, 35- to 44-year-olds laid out $1,978 and 45- to 54-year-olds shelled out $2,135.
Two issues, in particular, are likely major factors in driving repair costs up for younger drivers. First, they're more likely to own older cars. Second, they're more likely to have longer commutes than workers who are further along in their careers.
Many Americans unlike the rest of the world rely on their cars to get to work, and losing access to your vehicle can be a major disruption and huge source of stress particularly if you can't cover the repair cost stated Mark Manzo, president of insurance at Ally Financial. "The financial strain can be even more daunting for young people who are early in their careers and maybe paying down student loan debt as well."