Business
/C O R R E C T I O N -- Synchrony/
Synchrony's (NYSE: SYF) new Cost of Car Ownership survey reveals drivers are paying nearly 167% more per year than expected to keep their current vehicles on the road.[1] This $4,565 discrepancy between estimated and actual costs could place an additional burden on household budgets and weigh on consumer spending in other categories.
About this update from Synchrony Financial
[{"type":"text","content":"In the news release, Drivers Underestimate the Annual Cost of Car Ownership by More Than $4,500, New Synchrony Survey Finds, issued 17-Feb-2026 by Synchrony over PR Newswire, we are advised by the company that both gas and insurance are the biggest contributors to annual car spend, according to the survey. The text and infographic have been updated to include the average annual cost for gas, $1,956. The complete, updated release follows:","length":441,"tagName":"p"},{"type":"heading","content":"Drivers Underestimate the Annual Cost of Car Ownership by More Than $4,500, New Synchrony Survey Finds","length":102,"tagName":"h3","attribs":{}},{"type":"text","content":"Understanding Actual Costs Helps Car Owners Better Plan for Expenses and Manage Budgets","length":87,"tagName":"p","attribs":{}},{"type":"text","content":"Key Highlights:","length":15,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Car owners dramatically underestimate the cost of car ownership and should prepare for the full scope of vehicle expenses.","length":122,"tagName":"p"}]},{"val":[{"type":"text","content":"Rising costs are shifting consumer behavior, with people keeping cars longer and multicar households declining.","length":111,"tagName":"p"}]},{"val":[{"type":"text","content":"Greater understanding of costs and flexible financing options that let drivers pay over time will help drivers better manage vehicle expenses.","length":142,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":375,"olType":false},{"type":"text","content":"STAMFORD, Conn., Feb. 17, 2026 /PRNewswire/ -- Synchrony's (NYSE: SYF) new Cost of Car Ownership survey reveals drivers are paying nearly 167% more per year than expected to keep their current vehicles on the road.[1] This $4,565 discrepancy between estimated and actual costs could place an additional burden on household budgets and weigh on consumer spending in other categories.","length":401,"tagName":"p"},{"type":"image","alt":"Synchrony’s new Cost of Car Ownership survey reveals drivers are paying nearly 167% more per year than expected to keep their current vehicles on the road.","displaySize":"","headline":null,"caption":"Synchrony’s new Cost of Car Ownership survey reveals drivers are paying nearly 167% more per year than expected to keep their current vehicles on t...