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According to data from the BLS, motor vehicle repair prices have increased by 19% over the last year alone. One major factor behind the price hikes is a lack of certified mechanics.
The costs of goods and services in almost every sector, from rent to groceries to nonessentials like movie tickets and cosmetics, have risen. The automotive industry is no exception. Thanks in large part to the COVID-19 pandemic, car prices have risen faster and higher than those of other items.
Car sales increased dramatically toward the end of 2020 as Americans vacated major city centers and their public transport systems in favor of more suburban areas that required a personal vehicle to navigate. This increase in demand, coupled with an already diminished supply and various import and export issues, contributed to prices rising to a 10-year high. Thankfully, more recent BLS data indicates purchase prices are beginning to stabilize. But that doesn’t necessarily mean car ownership is getting more affordable.