Owning a car has never been more of a money pit
— which saw an uptick in demand in response to the new-car shortage — haven't provided the savings consumers might have hoped. Prices are up 16.1%.
As the Federal Reserve raises interest rates to combat inflation, this elevates the borrowing costs for Americans buying cars as well.some in the coming weeks — remain well above where they were a year ago. Then there's car insurance, parking, and — god-forbid — speeding tickets. Per a 2017 analysis by the data and analytics company INRIX, the average US driver spent over
on maintenance, fuel, insurance, parking, toll fees and other miscellaneous expenses, a number that has likely risen in recent years due to inflation.
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