Keeping your car running is more expensive than ever

The Street
The Street
  • 7 months ago
TheStreet’s J.D. Durkin brings you the biggest news of the day, including the ongoing earnings parade and why you’re paying more to keep your car running.

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Sports
Transcript
00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look
00:03 at what we are watching on the street today.
00:06 Stocks are coming off their fifth consecutive winning week after the S&P 500 crossed 5,000
00:11 for the first time.
00:12 This week investors will continue to monitor earnings closely.
00:16 61 companies are slated to release results including popular names like Lyft, Instacart,
00:21 DoorDash, Coca-Cola and many others.
00:25 Traders will also be keeping a close eye on some key economic data in the days ahead.
00:29 An inflation report Tuesday and retail sales out Wednesday.
00:33 These reports will be monitored for any hints into the central bank's next move on interest
00:37 rates.
00:38 In other news, if you think it's getting a bit more expensive these days to keep your
00:41 car running, well, turns out you're right.
00:44 According to a new report from CNBC, the cost to maintain and repair a vehicle increased
00:49 by 4.1 percent from November 2013 to November 2023.
00:54 Meanwhile, the Consumer Price Index, which measures what consumers pay for goods and
00:58 services, only increased 2.8 percent in that same time frame.
01:03 And much like everything else, the price of car maintenance has only gotten worse since
01:07 the pandemic.
01:08 Prior to COVID, repair costs increased between 3.5 and 5 percent annually, but it increased
01:14 by 10 percent in 2022 and has yet to drop.
01:18 A big reason the prices have gone up is labor costs.
01:21 Since 2019, the average labor rate for repairs has increased from less than $50 an hour to
01:26 nearly $60 an hour at the end of 2023.
01:30 Another reason is the rising cost of car parts.
01:32 In 2022, car parts made by automakers increased 10 percent, and aftermarket parts, which are
01:38 made by other manufacturers but are often designed to be compatible with several different
01:43 vehicles, went up by 17 percent.
01:46 So if you didn't have enough incentive to do so already, this is just another reason,
01:50 of course, to drive safely.
01:53 That'll do it for your daily briefing.
01:54 On the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:57 Thanks for watching.
01:58 [end]
01:58 [BLANK_AUDIO]

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