Millions of car owners are delaying repairs on their cars. About 30 million cars on the road today are behind on things such as oil changes and tire rotations, according to Carfax data.
Millions of vehicle owners are falling behind on routine maintenance, with many experts attributing this to the rising cost of repairs. More than 30 million cars that are on the road are behind on both oil changes and tire rotations, according to recent data from Carfax. The company noted that neglecting such repairs is not only dangerous, but costly. For instance, Carfax noted that low or dirty oil can cause engine failure, which could lead to expensive repairs.
In September, the Federal Reserve reported that auto loan delinquency rates "rose substantially," surpassing pre-pandemic levels by the end of 2023. The Fed suggested that one potential reason behind this increase in delinquencies, particularly for originated auto loans, is higher monthly payments. The average required monthly payments increased about $40 to $470 from January 2017 to January 2020.
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