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But those arent the only costs that have increased over the past four years.
Heres a closer look at why owning a car has become muchmore expensive since the pandemic.
Heres a look at how much each cost has increased since 2020.
What Has Caused Car Ownership Costs To Skyrocket?
Several factors have led to a jump in car ownership costs from 2020 to now.
Withfewer new carsbeing produced, Americans were forced to buy used cars instead.
That decreased the supply of used autos significantly, making them incredibly expensive, Frick said.
Without supply, that just pushes up car prices, so thats one thing.
More older car models on the road means more demand for repairs.
Many of our members are just one blown transmission away from financial disaster, Frick said.
The best way to save money is to opt for anaffordable used carover a new one, Frick said.
Used car prices have come down now, Frick said.
A year ago, it was a sellers market.
Thats changed a lot.
Prices are downabout 13 percentage points.
Frick also said to opt for car models that are known to be reliable.
Selecting your car now is so much more important than it has been in the past.
In addition, Frick recommended renegotiating your insurance policy every year.
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