A survey of the Baltic countries’ residents showed that nearly one in five Lithuanians cannot say how much they spend on their car each month. Two-thirds of respondents indicated that all car maintenance costs do not exceed 300 euros per month.
According to a survey commissioned by the company “Europcar,” 67% of respondents in Lithuania spend up to 300 euros per month on car maintenance. Another 12% said they spend 300-500 euros, and more than 500 euros per month on their car was allocated by 3% of respondents. However, as many as 18% of respondents could not say how much their car maintenance actually costs.
“Respondents were asked to estimate all monthly car maintenance expenses, excluding fuel costs. The results showed that a significant number of drivers simply do not calculate their car maintenance expenses.
The most commonly remembered are the monthly leasing payment or insurance, but technical maintenance, tires, minor repairs are forgotten or considered as individual expenses rather than part of the overall car maintenance. Also, how much money will be recovered by selling the car is not taken into account,” says Einoras Čiagus, head of “Europcar Lithuania.”
The real cost is higher than it seems
According to E. Čiagus, car maintenance consists of many different expenses that are not always incurred monthly, so it is difficult for people to estimate the real amount.
“The cost of car maintenance is not only the purchase or monthly leasing payment but also the car’s value when selling it. The value retention of different manufacturers, and often different models of the same manufacturer, can vary significantly. A seemingly expensive car may depreciate little, while a cheap one practically to zero. Insurance, technical maintenance, tires, repairs, registration fees must also be considered. When these expenses are spread, for example, over the whole year, it turns out that car maintenance costs much more than it appears at first glance,” he says.
The desire to more accurately predict real car maintenance costs encourages some drivers to be interested in alternative car financing models, such as operational leasing with services. In such cases, most of the car’s operating costs are combined into one fixed monthly fee.
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Younger drivers know their expenses better
The survey also revealed significant differences between age groups. Only 10% of respondents aged 18-29 could not say how much they spend on their car each month. Meanwhile, among respondents aged 50-65, this was as high as 24%. Younger drivers also more often than older ones indicated that their car maintenance costs up to 300 euros per month – 78% of respondents answered this way. In the group over 50 years old, such were 64%.
According to E. Čiagus, the difference may be due to younger drivers more actively planning their budget and monitoring all monthly expenses in digital apps or online banking.
“Younger people are more accustomed to tracking their expenses almost in real time, so it is easier for them to estimate the cost of car maintenance. Older drivers more often incur car maintenance expenses irregularly – one month they pay for insurance, another for repairs or tires,” says the head of “Europcar Lithuania.”
He advises that before making a decision about purchasing or financing a car, one should first calculate not only the monthly payment but also all expected operating expenses.
The survey was conducted in May this year by “Norstat” commissioned by “Europcar.” Respondents were residents of Lithuania, Latvia, and Estonia aged 18-65 with a driver’s license. The survey involved 2400 people, 800 respondents in each country.
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