Could you afford for your car to be repaired should you have an accident or your car breakdown?
Image Source – By Kevin Makice
A recent survey by vehicle leasing company OSV Ltd has revealed that only 49% of UK drivers would be able to afford a £500.00 emergency car repair bill.
The report shows that even though the country is in a better economic position, finances are still a worrying reality for 51% of British motorists.
For those in Wales, an even smaller percentage of people have enough funds to cover an unexpected car repair bill of £500.00. Only 28% of Welsh drivers have enough savings to cover the emergency bill.
On the other end of the scale, drivers in Northern Ireland have been dubbed the savviest savers after 75 percent of motorists admitted that they did have enough savings to cover the £500 bill.
The study by OSV Ltd also showed that men were very slightly more capable of saving than women. OSV Ltd discovered that 53 percent of men have got enough to cover the £500 bill compared to only 47% of women.
Many are under the impression that emergency bills are rare, but the survey also revealed that one in five drivers have experienced an emergency bill in the last twelve months, leaving many in a dire financial position.
Co-Founder of OSV LTD, Debbie Kirkley said: “Car breakdowns do happen, and it is important that people have the right savings in place. No one can predict the future which is why saving is so important.”
“It is recommended that people have the equivalent of three months wages saved up just in case your circumstances change or you are hit with an unexpected bill.”
“The survey shows that less than half of drivers have enough saved to cover a £500 repair bill and it is likely that even fewer have the equivalent of three months saved up.”
Main Image Source – By Claudio Nunez