While they may be more used to putting their foot down on the accelerator, motorists have been warned that their ability to manage their money could become more heavily weighed upon.

Such is the assertion of Tesco Personal Finance where in a recently released piece of research it was revealed that thousands of drivers are leaving themselves open to the risk of expensive repair bills related to their vehicle. This, it was stated, is due to consumers discovering that their car warranty is set to expire by the end of this month, with an estimated 400,000 drivers set to be affected. It was reported that this could have a particularly negative impact on motorists ability to manage their money due to recent increases in the cost of car tax and petrol prices, in addition to the wider impacts of the ongoing credit crunch. Overall, it was revealed that some 45 million pounds could be spent on everyday vehicle repair costs over the course of the next 12 months.

For consumers finding that their vehicle is in need of repair but who are no longer in possession of warranty cover, they may be required to dip into their own pockets and purses in order to pay for replacement parts and labour. In turn, this could have an impact on their ability to keep up with other areas of financial demand. This may mean that handling monetary commitments, such as home loans, credit and store cards, utility bills and mortgage repayments, becomes more difficult to manage.

The common faults which UK vehicles suffer from were revealed to include problems with the alternator and the failure of the central door locking system.

Commenting on the figures, Allan Burns, head of insurance for Tesco Personal Finance, said: “September is always a busy month for motorists as many drivers buy a new car. However, this also means that the warranty on some cars expires which can leave drivers potentially facing huge repair costs. We find that drivers don’t tend to budget for these alongside their other motoring costs so they can certainly come as a surprise.”

As a case study, the financial services firm pointed towards the case of Tim Downs, a motorist from Leeds, West Yorkshire. It was revealed that upon buying a Honda, Mr Downs chose not to renew his warranty period due to the car manufacturers “reputation for reliability” and his confidence that his vehicle would not encounter any problems. However, this turned out not to be the case as he recently found that there was a fault with his engine, which saw him dip into his own pocket in order to meet such expenses. Consequently, the driver was left a repairs bill of just under 1,000 pounds, something he claims may “easily have been saved” if he had decided to have taken out warranty.

And although the firm states that the most effective way to avoid encountering such monetary difficulties with meeting the cost of repairs in the future is to take out comprehensive warranty cover, motorists who need immediate financial assistance might wish to apply for a quick loan. By obtaining a car loan, borrowers could find that they are able to effectively afford the expense of having their car fixed and back on the road. The cash provided by a cheap loan could also help people to purchase warranty and a wide-ranging car insurance policy.

Indeed, a loan might be of help to those looking to make modifications to their motor vehicle, such as adding a new sound system or body kit. However, speaking in conjunction with Tim Westwood, Radio 1 DJ and presenter of Pimp My Ride UK, Tesco Personal Finance reminded motorists that those looking to improve their car are likely to find the amount of money they have to pay towards their motor insurance increases.

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