CHARLOTTE, N.C. — The cost of owning a car is getting unaffordable for a lot of vehicle owners, and the Wall Street Journal and research organizations are putting some numbers and context to what's hurting our wallets.
Writers say car insurance premiums rose more than 20% during this January from a year earlier. As far as other expenses getting pricier, that's your trip to the mechanic, the price of a parking space and even highway tolls also up.
But the lone exception to the rising prices is gas.
Researchers said the cost of filling up your tank is falling, but we want to look at this in a big-picture way as well.
When we look at the yearly cost of owning a car, that cost climbed to $12,182 in 2023, according to the Wall Street Journal.
That's up from $10,728 in 2022, according to the latest estimates from AAA.
Other causes include higher interest rates, which raise the cost of borrowing money to buy a car. Higher car prices and the expensive technology in newer vehicles are also driving up those car insurance premiums.
The report goes on to say the highest cost of car ownership last year was something many people don't consider: depreciation. AAA estimated that costed drivers $4,500 last year.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.
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