#CostToOwn

According to the American Automobile Association, one third of drivers in the U.S. cannot pay for an unforeseen vehicle repair without going into debt.

AAA says the average trip to the shop will set you back between $500 and $600. So, what does that mean for the 64 million American drivers who can’t afford an unexpected repair bill?

James writes:

Sajeev,

My question is – when should I sell my current car? Our family runs a 2004 Pontiac Vibe with 109k miles. It is our only car and it seems to run better since it broke the 100k mark. It has been exceptionally reliable, cheap to own, and gets excellent mileage – I get 29mpg average! We like being a one car family and intent to keep it that way unless we suddenly become independently wealthy.