Inflation is a nightmare for car owners.
It forces you to dig deep into your pockets, making you wince at the thought of how much you’ll need to spend to keep your car performing optimally.
However, that doesn’t need to be the case.
Once you know how inflation affects your car expenses, you can make the best decisions to limit its influence on your pockets.
The Impact Of Inflation On Car Ownership
1. Energy
Increasing gas prices are nothing new for most car owners. However, the sharp increase in gas rates, especially in the last few months, has been a nightmare for car owners.
Over the last year (July 2021 to August 2022):
- The cost of gasoline has increased by 25.6%
- The cost of electricity has increased by 15.8%
- The cost of fuel oil (inclusive of diesel) has increased by 68.8%
2. Tire Production
Due to costs related to raw materials and logistics, the tire industry has seen several price rises in less than a year.
Bridgestone, Pirelli, and Goodyear raised their consumer tire prices by up to 10% within the June/July 2022 period. And this wasn’t even the first time they increased their prices in 2022!
3. Cars and Car Parts
In addition to longer waits for new parts, supply chain issues have increased the cost of car parts and repairs.
On average, car parts have seen a yearly inflation rate of 8.19% since 2020.
Moreover, per the U.S. Bureau of Labor Statistics, car parts that cost $500 in 2020 would now cost $585.27 in 2022. That’s a 17.05% increase!
In fact, the cost of purchasing a car has increased by 7.69% per year since 2020. On top of that, the car inflation rate is higher than the overall inflation rate (5.91%) for the same period.
But don’t worry just yet.
Here’s how to counter these effects:
How To Avoid Inflated Car Expenses
To avoid the perils of inflation, it’s important to address issues that increase your dependency on these resources.
1. Follow Your Maintenance Schedule
Regular maintenance helps your car run optimally and prevents issues from snowballing into larger ones with higher costs.
Your maintenance regime could include:
- Cleaning the battery
- Checking for fuel, oil, or other fluid leaks
- Testing tire pressure and changing the tires if needed
- Changing the engine oil
- Checking for Check Engine Light codes and addressing issues
Doing so reduces your need to spend on expensive repairs and promotes good mileage.
2. Check Your Engine and Exhaust Components Periodically
Failing or malfunctioning engine and exhaust components, like spark plugs, oxygen sensors, and fuel injectors, can increase fuel consumption.
Your car could express these issues as:
The symptoms are innumerable, so it’s best to have a mechanic service your car regularly. They’ll clean the necessary components or replace them if necessary, helping you avoid the high price tag associated with increased fuel consumption.
3. Get Essential Repairs
After getting your car checked by a mechanic, you’d be able to identify potential issues that could impact your vehicle’s efficiency.
For example:
- A misaligned tie rod could lead to hastened tire wear and quicker tire changes.
- Poor functioning piston rings cause a loss of pressure in the combustion chamber and lead to poor fuel economy.
- A worn timing belt (or timing chain) could affect your engine’s performance and lead to severe engine damage.
- Worn brake pads not only expose you to the dangers of inefficient braking but can lead to damage to other brake parts like the rotor, caliper, or wheel bearings.
Addressing these issues before they escalate is the best way to avoid falling prey to inflation-related car costs.
That said, what’s the most convenient way to address these problems?
Consult Our Expert Technicians Today!
The best way to beat car-related inflation is to have one of our mechanics assess your vehicle and check for potential issues.
Resolving smaller problems early on can help you avoid potentially larger, more expensive repairs down the road — and the related inflated costs of auto parts and resources.
So, get in touch with AutoNation Mobile Service to receive high-quality service and cost-effective replacements directly in your driveway.