Photo Credit: Jonathan Weiss / Shutterstock The U.S. economy is now more than a year into a run of soaring inflation. According to data from the U.S. Bureau of Labor Statistics, the Consumer Price Index has experienced year-over-year inflation exceeding 5% every month dating back to May 2021, and year-over-year CPI growth topped 8% for three straight months this spring. Amid rising prices for nearly every consumer spending category, the U.

Johann van Dalen // Shutterstock When purchasing a car, most shoppers look for vehicles that are affordable and durable. As the quality of cars improves and prices soar, Americans are holding on to their vehicles for longer. In fact, the average age of vehicles on U.S. roadways rose to 12.2 years in 2022. This trend became prominent during the pandemic, partly due to the skyrocketing prices for new cars, which made used cars a more attractive option.

Photo Credit: Andrew Zaikovskyi / Shutterstock Inflation has hit many sectors of the economy hard over the last year, but few categories can compare to the automotive industry. Economic experts debate how much the current period of inflation has come from increased consumer demand and how much has been caused by constraints on supply. In the vehicle market, both forces are clearly at play. Low interest rates, federal stimulus payments, and better-than-expected economic conditions throughout the pandemic gave households more money to spend on big purchases like cars.

nrqemi // Shutterstock Few announcements have rocked the automotive industry as hard as the one-two punch of General Motors’ notice of intent to exclusively produce electric-powered vehicles by 2035 and the Ford Motor Company’s $30 billion investment in electric vehicle development. The latter has thus far resulted in the release of an all-electric F-150 and Mustang, the automaker’s two top-selling models. Of course, other automakers have taken a dip into the EV pool, among them Chevrolet, Volvo, Porsche, Mazda, and Mercedes Benz, and it would seem that Tesla set a gold standard for the development and marketing of the electric vehicle.

Photo Credit: RossHelen / Shutterstock Inflation has been the dominant story in the U.S. economy for most of the last year. Year-over-year increases in the Consumer Price Index have reached their highest levels in 40 years, with consumers paying more for expenses from food to housing to energy. And one of the categories that has consistently seen the highest price increases in this inflationary period is vehicles, both new and used.

Photo Credit: Oaklizm / Shutterstock Amid recent concerns about inflation in the economy, the market for new and used vehicles is one of the sectors that has drawn the most attention. With the global economy still facing ongoing supply chain challenges—particularly a shortage of semiconductor chips needed for computer systems in modern vehicles—fewer new cars are hitting the market, which has raised demand for pre-owned vehicles. Additionally, rapidly rising gas prices in recent weeks has boosted demand for more fuel-efficient vehicles.

Source: Canva The United States is living through a car crash epidemic born out of the COVID-19 pandemic. CoPilot analyzed preliminary data from the National Safety Council, released on March 2, 2022, to determine the 10 states with the fewest motor vehicle deaths in 2021. States are ranked according to the number of deaths per 100,000 people, and ties are broken by the state’s total number of motor vehicle deaths.

bibiphoto // Shutterstock Some of the most popular cars in the world have a lot in common. Many are relatively affordable and perform well with stylish design. What they don’t have in common? They’re made from parts that are sourced from different corners of the world. Some parts are produced primarily in the United States and Canada, while others come from manufacturing plants and producers from Germany, South Korea, Japan, and more.

Photo Credit: Dreamer Company / Shutterstock One of the most significant economic stories of recent months has been the rapid growth in inflation. Recent Consumer Price Index data from the U.S. Bureau of Labor Statistics revealed that consumer prices had increased by 7.5% from January 2021 to January 2022. These figures continued a trend of historically unusual month-over-month and year-over-year price increases dating back to the spring of 2021.