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Inflation may be cooling — but drivers can't seem to catch a break | CNN Business

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It will cost you 19.5% more to repair your car now than it did a year ago, according to July’s Consumer Price Index report, released by the Bureau of Labor Statistics. Another hefty expense is car insurance, up 17.8% from a year ago

For the past year, Scott, a 38-year-old Navy pilot doing work for the government until his next deployment, has been commuting 12 miles from his home in Washington, DC, via motorized scooter. When it’s raining or snowing, he throws on his Navy-issued high-tech weather gear, if necessary. Even though the second-hand scooter he bought from Craigslist for $500 can only go up to 20 miles an hour, he said it’s saving him a lot of time compared to when he drove to work.

That’s partly because car production still hasn’t caught up with pent-up demand from the pandemic, resulting in more expensive new cars. But trying to extend your car’s life span can add up. Model year 2007 cars were the most likely to need a repair related to the “check engine light” message in the past year, according to CarMD’s April Vehicle Health Index report that analyzed 17.7 million check-engine light readings from model year 1996 to 2022 vehicles driven last year.

 

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