GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
However, owning a car, especially a used one, ismore expensive today.
The costs associated with cars are increasing, which can be a big financial blow to repair and maintain.
Why are prices rising?
Cruze breaks down the reasons andshares tips on revamping your budget.
Jump in Insurance Costs
Youre not alone if youve been hit with higher car insurance prices.
According to data from the Labor Department, this is thefastest yearly rateon record.
She listed inflation and the car insurance industry tends to be delayed and reactionary as reasons for this.
There was a global shortage ofcars and partsduring that time, and prices have risen.
Repair Costs
The cost of car repairs has also skyrocketed.
The truth is you guys, the trades is still a great place to make great money.
She added, The average American is still feeling the pain of this perfect storm thats happening.
Consider selling what you currently own if you cant pay off the loan in 18 to 24 months.
Theres a good chance that youre underwater on your car you bought, Cruze said.
The money that is going out in your car payment you want back to you.
More From GOBankingRates
Share This Article:
