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They aren’t keeping as many vehicles on their lots as before the pandemic, but they have way more than they had during it.
The trend of bigger, weightier vehicles — known as car bloat — has contributed to road fatalities and environmental contamination.
The repossession industry is struggling with an enduring labor shortage, while 1.5 million car repos are expected this year.
Even though prices have come down and the federal government is helping with rebates, the average price is still above $50,000.
In 2022, inflation reached its highest level since 1981.
Dealers are still playing catch-up after the chip shortage and suppliers are building parts for new cars rather than those on the road.
Another example of inflation caused by the pandemic.
Affordability has broken down, but the costs of not having your own vehicle are even higher for many. Marin Cogan of Vox explains.
The cost of car maintenance and repair is rising much faster than inflation.
New light vehicle sales, including cars, SUVs and pickups, were up about 20% in June from this time a year ago.