Navy Federal Credit Union said April 13 that its Cost of Car Ownership Index rose 4.7% in March to a record high, driven almost entirely by a 21.2% month-over-month jump in gasoline prices tied to conflict in the Middle East.
The index, which tracks 11 major vehicle ownership expenses using Bureau of Labor Statistics data, is up 5.5% over the past year and 47.6% since January 2020, the credit union said. Maintenance, repair and tire costs each rose roughly 1% in March.
Rising ownership costs pressure household transportation budgets and can influence insurer claims severity, used-vehicle demand and repair-versus-replace decisions
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