It’s estimated that the average car repair costs have risen by nearly 20% in the last year. So you’re probably wondering why it costs so much to get your car fixed right now. Here’s why.
Getting your car repaired is likely to cost a lot more than you’re expecting. In June, the US Bureau of Labor Statistics reported that car repair costs were around 19% higher in 12 months.
Although inflation as a whole has increased significantly, car repairs, in particular, have risen rapidly. There are a few factors at play in this. The first is that the COVID-19 endemic has disrupted global supply chains, which has meant supply chain issues across the board.
Another factor is the cost of living crisis has meant more demand for used cars, as many consumers simply can’t afford new ones.
However, on the whole, older cars require more maintenance than new ones and they’re also more likely to break down, which means more demand for mechanics in a time where there simply aren’t enough skilled mechanics available due to higher labor costs.
Another issue is that the cost of parts has increased in the last few years. Tanveen Vohra, manager of content and communication at Insurify, recently pointed out that “Material costs, such as the price of steel, aluminum, and rubber, have increased due to global supply chain issues that have plagued the industry for the last few years.”
There are a few steps consumers can take to protect themselves against high prices:
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