Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
Another aspect is that new cars have a lot of new technology and the more complicated technology you have, the fancier technology you have in a car.
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the more expensive it is to replace.
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Cars have just become more sophisticated.
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Another factor behind this, insurance, when people have it, is something that will cover the costs of repairs and bodywork.
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And those are two other areas where we've seen prices increase.
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So that's been another thing that is behind rising insurance premiums.
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Trips to the mechanic have gotten pricier in the past year.
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If you look at this latest data, the cost of repairs has increased 7.9% year over year.
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The cost of body work on a car has gone up 4.3%.
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It's also just more expensive to park and go on highways and cross bridges because the parking fees and tolls that people pay have risen 4.8% on average over the past year.
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That's how it feels sometimes.
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Related to taking your car into the shop, just basic maintenance and servicing has gotten more expensive.
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That's where you see a 5.7% year-over-year increase.
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And something that I found really interesting as I was doing my reporting on this is that the highest cost of car ownership is actually something that you aren't paying out of pocket, so to speak.
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It's depreciation, and it's something that people don't think about that much.
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The idea is that your car just loses value as you drive it.
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And when you actually do the math on it, it's pretty disconcerting.
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AAA analyzed the overall costs of owning a car, and they estimated that in 2023, the overall cost of depreciation for a driver of a new car was about $4,500 if they drove 15,000 miles in a year.
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When you look at household spending, transportation is Americans' second biggest expense.
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That's behind housing costs.
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Showing 621–640 of 1,247 · page 32 of 63
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