Survey Reveals True Costs of Car Ownership Burdening Consumers
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 17 2026
0mins
Should l Buy SYF?
Source: PRnewswire
- Significant Spending Gap: Synchrony's survey reveals that car owners are spending $4,565 more annually than expected, totaling $7,303, which could increase household budget pressures and impact spending in other areas.
- Higher Burden on Young Drivers: Millennials and Gen Z report average annual expenses of $10,101 and $9,984 respectively, indicating that younger consumers face greater economic pressure from auto maintenance and related costs, potentially affecting their future purchasing decisions.
- Support Through Financing Solutions: The Synchrony Car Care Credit Card offers flexible financing options designed to help drivers manage routine maintenance and unexpected repair costs, thereby alleviating financial burdens and promoting better budget management.
- High Insurance Costs: The survey indicates that insurance is the largest annual expense for car owners at approximately $1,730, with other significant costs including maintenance, service, and tires, suggesting that rising expenses may compel consumers to reconsider their vehicle purchasing decisions.
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Analyst Views on SYF
Wall Street analysts forecast SYF stock price to rise
15 Analyst Rating
10 Buy
5 Hold
0 Sell
Moderate Buy
Current: 68.660
Low
83.00
Averages
94.60
High
101.00
Current: 68.660
Low
83.00
Averages
94.60
High
101.00
About SYF
Synchrony Financial is a consumer financial services company focused on delivering digitally enabled product suites. The Company provides a range of credit products through financing programs it has established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. It offers private label, dual card, co-brand, and general-purpose credit cards, as well as short- and long-term installment loans, and savings products through Synchrony Bank (the Bank). The Company primarily manages its credit products through five sales platforms such as Home & Auto, Digital, Diversified & Value, Health & Wellness and Lifestyle. The Bank offers directly to retail, affinity relationships and commercial customers, a range of deposit products, including certificates of deposit, individual retirement accounts (IRAs), money market accounts, savings accounts and sweep and affinity deposits.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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