Following suit with rising costs and inflation, the costs of automobile ownership, insurance and necessary repairs have soared in recent years and are expected to continue. Frank Ferra, president of Ferra’s Automotive Services in Sharpsburg, says expenses including wages, rent, taxes, equipment and insurance, along with the costs for parts, have risen “tremendously.” “As an example, a headlamp bulb may have cost $10 not so many years ago, but today that part could cost several thousand dollars because of the electronics and safety features included in them.” Ferra said. “It’s not just replacing a bulb.” As another example, Ferra said a new headlight and headlamp assembly for a 2007 BMW X3 SUV cost about $500 in 2007, equal to about $750 in today’s dollars. For a 2022 model, it costs almost $4,100, not including labor. Across the nation and locally, the cost of owning an automobile — from oil changes to annual insurance — has risen significantly. According to the most recent research from AAA, the average yearly cost to own and operate a new vehicle in 2022 is $10,728, or $894 per month — an 11% increase from 2021, when the average yearly cost was $9,666, or $806 per month.

Photo Credit: Erin Yudt/Pittsburgh Tribune-Review