Car repairs have steadily gotten more expensive and inflation isn't the only reason

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, February 12.Full Video Transcript Below:J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.Stocks are coming off their fifth straight winning week after the S&P crossed 5,000 for the first time. This week, investors will continue to monitor earnings – 61 companies are slated to release results, including names like Lyft, Instacart, Doordash, Coca Cola, and several others.Traders will also be keeping an eye on some key economic data – an inflation report Tuesday and retail sales out Wednesday. These reports will be monitored for any hints into the Fed’s next move.In other news, if you think it’s getting more expensive to keep your car running, you’re right. According to a new report from CNBC, the cost to maintain and repair a vehicle increased by 4.1 percent from November 2013 to November 2023. Meanwhile, the Consumer Price Index, which measures what consumers pay for goods and services, only increased 2.8 percent in that same time frame.And, much like everything else, the price of car maintenance has only gotten worse since the pandemic. Prior to COVID, repair costs increased between 3.5 and 5 percent annually. But it increased by 10 percent in 2022 and has yet to drop.A big reason the prices have gone up is labor costs. Since 2019, the average labor rate for repairs has increased from less than $50 an hour to almost $60 an hour at the end of 2023. Another reason is the rising cost of car parts. In 2022, car parts made by automakers increased 10 percent, and aftermarket parts, which are made by other manufacturers but are often designed to be compatible with several different vehicles, went up by 17 percent.So, if you didn’t have enough incentive to do so already, this is just another reason to drive safely.That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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