Vehicle ownership and personal mobility have become an expensive endeavor in 2022.
The average price of a new car in the United States is now around $48,300, the highest on record. The surge in car prices combined with large cost hikes in fuel, insurance, and maintenance over the past year have drastically increased the total cost of driving.
American drivers have altered their driving habits or lifestyles this year to cope with high prices at the pump. Various surveys have found that they are driving less, combining errands, doing fewer leisure activities, and postponing vacations.
However, it’s not just high gas prices that make people change habits, according to the Lundberg Letter, a major oil industry newsletter….