An estimated 3.8 million drivers decide to keep their current car after spending money on repairs, having previously decided they would sell it.
Research by Kwik Fit found many drivers are inclined to change their mind about selling their car once they’ve had repairs carried out on it, with a third of motorists saying this had been the case with either their previous or current car.
The study found the average spend on repairs to be £928 and owners generally kept their car for one year and two months longer than originally planned after repair work.
Motorists in London and the South East on average spent the most on repairs at £1,233 and £1,033 respectively and were also most likely to keep hold of their car, with around two fifths claiming they had then kept their vehicle for longer.
At the other end of the spectrum, one in 10 drivers said they spent less than £250 on repairs and that this was enough to persuade them to keep hold of their car for a further 12 months.
A survey conducted by BookMyGarage earlier in the year found that COVID-19 had caused around a third of motorists to delay having their vehicle serviced due to financial difficulties.
Karen Rotberg, Co-Founder of BookMyGarage said “Many motorists are clearly tempted to upgrade their car when things start going wrong and costing money.
“But more often than not, the cost of repairing a car proves to be a far more cost-effective option than replacing it- a particularly significant consideration for any motorists feeling cash-strapped due to COVID-19.
“Equally important though is keeping on top of vehicle servicing, since this is the best way to reduce the chance of needing repairs in the first place and it will maximise the car’s resale value when the time to sell it does finally arrive.”