Automakers are taking note, too.
With the launch of a new generation of electric vehicles, it’s now more difficult for manufacturers to maintain a high-volume vehicle lineup, and thus an affordable vehicle portfolio.
According to a new report from Kelley Blue Book, the average U.S. vehicle owner is now paying about $15,000 more per year than the year before.
In some cases, that’s because of a combination of inflation and a rise in the cost of the average American car.
Kelley Blue book notes that the average new car costs $17,000 to build and a year after purchase, the sticker price has climbed to $20,000.
The cost of fuel for the new vehicles, on the other hand, has remained roughly the same since 2015.