The Cost of Owning a Car Keeps Getting Higher 📈

What we’re showing

This chart shows how inflation in the U.S. has impacted various aspects of car ownership, based on percentage changes in the Consumer Price Index (CPI).

Context

Used car prices have come down from their pandemic peak, but are still significantly higher than pre-COVID times.

According to an Aug 2023 report from AAA, the annual cost of owning a new car in 2023 is $12,182, which is 14% higher compared to last year.