Today, Explained How car ownership got so expensive
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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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Soaring Insurance Costs
- Car insurance rates have increased dramatically, with the highest jump since 1976.
- One person's six-month insurance premium increased from $2,400 to $4,000.
Risky Driving and Insurance
- Increased risky driving behaviors during the pandemic, such as speeding and distracted driving, contribute to higher insurance costs.
- More accidents and severe claims have led to increased payouts by insurance companies.
Repair Costs and Technology
- Modern cars with advanced technology are more expensive to repair than older models.
- Features like backup cameras and lane sensors contribute to higher repair costs.