Maintenance and repair: Rising faster than inflation. Insurance premiums: On the rise. Fuel? Gasoline and diesel are both significantly higher than pre-pandemic levels.
A CarMax lot holds hundreds of used cars and trucks on April 12, 2022 in Gaithersburg, Maryland.
“Even if you’re not buying something new or used, your continued relationship with your car is getting more expensive,” said Ivan Drury, director of insights at the automotive data site Edmunds. The cost of maintaining an older vehicle, especially one still running long after its warranty expired, is typically higher than the upkeep of a new one fresh off the lot.
This is not quite the same as normal inflation, where, say, the price of a gallon of milk goes up. For all the extra money they’re spending, new car buyers are getting much better cars. And while new car buyers are getting new car perks, those who have to buy and own older cars are paying a lot more for the same, or even less, than they’re used to.
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