Cars

Consumer Affairs - A new report from the Federal Reserve Bank of Minneapolis found that the cost of vehicle repairs is an increasing burden on households. Overall inflation, as measured by the consumer price index, slowed to 3.7% over the year in August, down from its 9% peak in 2022. The cost of vehicle repairs, however, had risen 17%, and the cost of maintenance, such as an oil change, was up 9% over the same period. Tanveen Vohra, manager of content and communication at Insurify, says many shops have raised wages to attract and retain workers. She also says parts are more expensive.

“Material costs, such as the price of steel, aluminum and rubber have increased due to global supply chain issues that have plagued the industry for the last few years,” Vohra recently told ConsumerAffairs. Additionally, improvements in automotive technology have raised expenses overall, as parts are more technologically advanced, they become more expensive to repair and replace.”