Having a reliable, isn’t just good for your wallet but also a must-have for many. With the cost of living skyrocketing over the last five years, owning a car has gotten really expensive. While the sticker price has dropped since the pandemic, the cost of insurance and repairs are surging.
“The cost of used cars now has dropped back to normal, but all other expenses related to cars, like insurance premiums, repair services, and replacement parts, have drastically increased recently,” Rachel Cruze said in a video. “Not to mention, interest rates being crazy high over the past couple of years, which affects you big time if you’re taking out a car loan.” There are several reasons why the price of car repairs is increasing.
“We’re now experiencing a shortage of mechanics and other service professionals who specialize in car repairs AKA essential worker jobs that help keep society running smoothly literally are becoming less popular for young adults today,” Cruze said. According to , other factors are also contributing, which include: Heavier and more complex vehicles New materials and manufacturing methods Pandemic induced supply shortages These days, Americans are keeping their cars longer than ever, per , and repairs are inevitable. “The average age of cars and light trucks in the United States has risen again to a new record of 12.
6 years in 2024, up by two months over 2023”, the site stated. Properly maintaining a car can extend the lifespan significantly.