Own a car? You're getting socked by higher prices, and not only for gas

TL;DR

Car ownership costs have increased by 50% since 2020.
Repair costs have surged by 70% in the last five years, averaging around $1,750 for new cars in their first five years.
Other significant cost drivers include rising auto insurance rates and higher routine maintenance.
Gasoline prices have increased by 45% since the start of the Iran war, with the average price at the pump at $4.33.
Cars are being held onto for longer, with the average fleet age at 14.5 years in 2025.
Modern cars have more expensive electronic parts and sensors, increasing repair costs.
A shortage of mechanics allows them to charge higher prices for services.
The total cost to own and operate a new vehicle is $12,863 per year.

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