Owning a vehicle has become expensive. Fox Business reported factors such as increases insurance premiums offset the reduction of vehicle prices:
“The cost of new and used vehicles may have fallen from the highs of 2021, but surging insurance premiums and rising financing rates are still making it far more expensive to own a car.
“New internal data published by Bank of America on auto loan origination suggests that overall car sales are flattening – likely due to worsening affordability issues.
“One reason for this flattening, we believe, is that the total ‘all in’ cost of ownership – including elevated interest rates, insurance, and maintenance costs – has become more expensive even as auto prices are declining,” Bank of America Institute economists said in an accompanying research note.”
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