WASHINGTON, D.C. – It’s a story everyone is becoming all-too-familiar with… rampant inflation and COVID-19-related supply chain issues have resulted in a shortage of new cars – and high prices for the ones still available – causing many motorists to resort to buying used, a market that is correspondingly also becoming much pricier as a result.
With the market in such a state of financial turmoil, more car owners are doing what they can to prolong the lives of the vehicles they already own; however, they are quickly discovering – much to their dismay – that simply maintaining their current paid-off ride is becoming more expensive as well.
Reports indicate that the costs associated with maintaining and repairing automobiles has exceeded the rate of inflation over the last several years; in 2022, those costs then jumped by an unprecedented degree. Currently, the typical costs associated with the maintenance of an off-warranty vehicle exceed those of a new car, and with more people holding onto their current cars as long as possible – an average of at least 12 years – the costs of keeping them on the road are starting to raise eyebrows at a time where people are struggling to save every dollar they can.
One main reason the price of repairs for older cars is growing is the simple fact that newer cars are built better and encounter fewer mechanical issues when compared to vehicles from a generation or two prior. In addition, replacement parts for older vehicles are becoming more scarce – driving up prices – and, with inflation taken into account, replacing say, a timing belt or head casket on your old ride can become a financially daunting task.
Essentially, while those at least lucky enough to be in a position to buy a new car in today’s marketplace, most of whom are enjoying cutting-edge tech and greater reliability, owners of older cars just keep paying more for less.
Christopher Boyle is an investigative journalist, videographer, reporter and writer for SEARCHEN NETWORKS® and The Published Reporter® as well as other independent news and media organizations in the United States. Christopher works on a wide variety of topics and fields, has been featured in print and online in a variety of publications, from local to national, and helps keep a keen-eye on what’s happening in the automotive world for Auto Buyers Market.