Today, Explained
How car ownership got so expensive
Apr 17, 2024
Marin Cogan, a Vox correspondent specializing in auto issues, dives deep into the skyrocketing costs of car ownership. She discusses how new vehicle prices have soared to an average of $48,000, fueled by trends toward luxury models and rising insurance rates. The conversation also covers the consequences of pandemic-era driving behaviors, which have led to increased risks and costs. Personal stories reveal the burdens of auto loans, shedding light on systemic issues and the push for greater transparency in financing.
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Quick takeaways
- Car ownership costs surged due to pricey new cars and high insurance rates.
- Rising car insurance costs stem from inflation, risky driving behaviors, and increased accidents.
Deep dives
Increasing Costs of Car Ownership
Car ownership has become extremely expensive due to the rising prices of new cars, averaging around $48,000, with manufacturers focusing more on luxury vehicles. The costs associated with owning a car, including insurance, gasoline, and repairs, have seen significant increases. For instance, car insurance rates have jumped by 22.2% over the past year, marking the highest increase since 1976.
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