The cost of owning a vehicle in the U.S. remains high despite a general cooling of inflation, with vehicle prices significantly up from pre-pandemic levels. The high cost of new cars is driven by past supply chain issues and remains prohibitive for many families, with the wealthy being the primary new car buyers. Used cars, although slightly cheaper now, are still about 34% more expensive than before the pandemic. Financing these purchases has become more challenging due to higher interest rates, affecting both new and used car buyers. Maintenance and insurance costs have also surged, contributing to the overall expense. The article also discusses broader societal issues related to vehicle ownership, including increased traffic fatalities and environmental impacts, suggesting a potential need for greater investment in public transportation.
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