Another factor is that we are holding on to cars for longer periods these days. If any of you have gone shopping for a new or slightly used (recent model year) car, the prices have gone through the roof based on both supply and demand issues. Due to the chip shortage and other supply chain issues, manufacturers are unable to deliver a a sufficient number of”new” cars to their dealers, with waiting times of up to 6-9 months for popular models. As more people are unwilling to use buses and subways, demand for used cars has also spiked with prices up as much as 30-40 percent since COVID. Holding on to your old car means having to do some basic repairs yourself, if you know how (which in most cases, I don’t).
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