Guest Post by The Kobeissi Letter

Owning a car in America has never been this expensive:

The total cost of vehicle ownership in the US has risen +36% since January 2020.

Motor vehicle maintenance and repair costs have surged +50% over the same period, jumping +6.1% YoY in March alone.

Meanwhile, auto insurance prices are up +56% while motor vehicle parts and equipment are up +27%.

Vehicle ownership costs account for nearly 15% of the CPI inflation formula.

This means these costs are one of the biggest drivers of the rising cost of living for American households.

Car inflation is squeezing US consumers.