'What is Cost of Ownership?' Asks One Third of US Drivers While Borrowing to Pay Repairs

According to the American Automobile Association, one third of drivers in the U.S. cannot pay for an unforeseen vehicle repair without going into debt.

AAA says the average trip to the shop will set you back between $500 and $600. So, what does that mean for the 64 million American drivers who can’t afford an unexpected repair bill?

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Piston Slap: Bad Vibes From The "Value" Timeline

James writes:

Sajeev,

My question is – when should I sell my current car? Our family runs a 2004 Pontiac Vibe with 109k miles. It is our only car and it seems to run better since it broke the 100k mark. It has been exceptionally reliable, cheap to own, and gets excellent mileage – I get 29mpg average! We like being a one car family and intent to keep it that way unless we suddenly become independently wealthy.

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  • Lou_BC Stupid to kill the 6ft box in the crewcab. That's the most common Canyon/Colorado trim I see. That kills the utility of a small truck. The extended cab was a poor seller so that makes sense. GM should have kept the diesel. It's a decent engine that mates well with the 6 speed. Fuel economy is impressive.
  • Lou_BC High end EV's are selling well. Car companies are taking advantage of that fact. I see quite a few $100k pickups in my travels so why is that ok but $100k EV's are bad? The cynical side of me sees car companies tack on 8k premiums to EV's around the time we see governments up EV credits. Coincidence? No fooking way.
  • EBFlex "I'd add to that right now, demand is higher than supply, so basic business rules say to raise the price."Demand is very low. Supply is even lower. Saying that demand is outstripping supply without providing context is dishonest at best.
  • IBx1 Took them long enough to make the dashboard look halfway decent in one of their small trucks.
  • Mcs You're right. I'd add to that right now, demand is higher than supply, so basic business rules say to raise the price. The battery tech is rapidly changing too. A battery tech in production today probably won't be what you're using in 2 years. In 4 years, something different. Lithium, cobalt, and nickel. Now cobalt and in some cases nickel isn't needed. New materials like prussian blue might need to be sourced. New sources might mean investing in mines. LMFP batteries from CATL are entering production this year and are a 15% to 20% improvement in density over current LFP closing the density gap with NCA and NCM batteries. So, more cars should be able to use LMFP than were able to use LFP. That will lower costs to automakers, but I doubt they'll pass it on. I think when the order backlogs are gone we'll stop seeing the increases. Especially once Tesla's backlog goes away. They have room to cut prices on the Model Y and once they start accumulating unsold vehicles at the factory lot, that price will come tumbling down.