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  3. Owning a Car Is Getting More Expensive: Here’s How to Support Your Members

Owning a Car Is Getting More Expensive: Here’s How to Support Your Members

  1. Resource Center
  2. Allied Insights
  3. Owning a Car Is Getting More Expensive: Here’s How to Support Your Members
By Allied Solutions, with NAFCU,
July 20, 2022
The average annual cost of owning a car is rising steeply, and that includes increased costs of general maintenance, repairs, and tires. As gas prices and interest rates rise and show no imminent signs of decreasing, your members are looking for ways to save and keep their finances stable. Shaky housing and auto markets are causing credit unions to look for ways to support their members’ financial stability while generating additional non-interest income.

This article was originally published on NAFCU.

Americans are more reliant than ever on their vehicles for frequent, reliable, and consistent transportation, especially as states re-open up and in-person activities resume. But preparing a vehicle for summer fun and travel also puts the rising cost of vehicle ownership in the spotlight.

The average annual cost of owning a car is $9,282, which is up 5% within the last year, and repairs including general maintenance and tires is nearly 9 cents per mile. Gas prices are rising and show no imminent signs of decreasing. With these conditions, members are looking for ways to save and keep their finances stable, while managing auto costs. Shaky housing and auto markets are causing credit unions to look for ways to support their members’ financial stability while generating additional non-interest income.

Read the full article here.

 

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