ORLANDO, Fla. -

In the results of a survey released Wednesday, AAA has discovered that the bulk of drivers are extending their vehicle ownership periods and not going out to buy a new car because they would like to avoid the financial burden of making such a purchase.

The survey indicated that a quarter of Americans couldn’t afford a $2,000 repair bill and an eighth would not be able to make a $1,000 bill, while also pointing out: “More than half of American drivers also said they are holding onto their older vehicle because they do not want the financial burden of a new one.”

It also appears many drivers are averse to heading into the repair shop. A quarter claimed that because of the rough economy, they haven’t taken care of repairs and maintenance in the last 12 months as much as they should have.

“Economic conditions have taken their toll on many Americans resulting in them neglecting their cars and leaving them at increased risk for very expensive repair bills,” explained Marshall Doney, who is the vice president of automotive and financial services with AAA.

“Many Americans rely on their cars for their livelihood and losing access to them could be financially devastating during an already troubling economic time,” he continued. “It’s important for drivers to not only continue to maintain their vehicles, but also have a financial emergency plan in place should they be faced with a sudden unexpected auto repair bill.”

Delving into some more specific statistics, about two-fifths (38 percent) of drivers said they could use their savings account to foot a $2,000 repair bill. One-fifth would turn to their credit card.

Meanwhile, more than one in 10 (11 percent) would only be able to pay the bill if they borrowed from friends, family, retirement or home equity.

For a $1,000 bill, about half (46 percent) would turn to savings. Twenty-two percent would put the repair on a credit card, and 14 percent would have to turn to borrowing.