While Americans are battling high prices at the gas pump, their cars are paying for it.
Some 27 percent of U.S. adults say they’ve put off necessary vehicle maintenance – such as brake checks, tire changes and routine servicing – because of gas prices, according to a survey of 2,000 U.S. adults commissioned by The G Law Group.
“When drivers are already stretched thin by the cost of gas, routine maintenance is often the first thing to go, and that has real consequences on the road,” The G Law Group Managing Partner Simeon Genadiev told The Independent. “We see the results of deferred maintenance in accident cases regularly. What starts as a small issue can quickly become a serious one.”
Gas prices have spiked since the onset of the U.S. strikes on Iran in late February. The national average for a gallon of unleaded gas sits at $4.42, according to AAA motor club. That is down from $4.56 last week, but up from $3.16 a year ago at this time.
open image in galleryIncome made little difference in delaying routine work and repairs, with those earning $85,001 to $95,000 skipping maintenance more often than those earning $25,001 to $35,000.
Delayed maintenance is one of several sacrifices that consumers have made as gas prices skyrocket because of the war in Iran’s impact on oil shipping routes and geopolitical stability.
Shoppers are relying on low-priced groceries and essential goods from stores such as Walmart to help save money.
“While consumers are telling us they’re feeling some pressure, sales strength has persisted, and we saw one of our strongest quarters of share gains,” Walmart reported during its earnings call earlier this month.
The housing market saw an uptick in the number of homes available for multigenerational families, a sign that homebuyers are open to relatives living with them to save money, according to a May report from Realtor.com.
There might be fewer beers at barbecues this summer thanks to higher gas prices and inflation. Sales of the sudsy drink – along with malt beverages and cider – fell 6.3 percent across the four weeks ending on May 2, according to a Nielsen report.
California beer sales have been hit hardest – they fell 16 percent in a state where the average gas price was $6.08 a gallon Thursday, according to AAA.
open image in galleryWhile consumers scramble to find ways to save money, experts recommend staying on schedule for oil changes – every 5,000 to 7,500 or six months for conventional oil and every 7,500 to 10,000 or six months for synthetic oil.
Skipping them might void vehicle warranties, AAA noted. Holding off too long on an oil change may lead to old oil forming sludge, which can destroy an engine, AAA notes.
While oil changes can cost anywhere from $30 to more than $100, replacing an engine can cost as much as $4,500 to rebuild and more than $7,000 to replace, according to Massachusetts-based Sullivan Tire and Auto Service.