How car ownership got so expensive

Today, Explained

Vox

Daily News, Politics, News

4.4 • 9.5K Ratings

🗓️ 17 April 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Drivers are increasingly paying sticker price or more for a new car. Then there are sky-high insurance rates and mortgage-level car payments. Vox’s Marin Cogan explains how we got here. This episode was produced by Victoria Chamberlin, edited by Matt Collette, fact-checked by Laura Bullard, engineered by David Herman, and hosted by Noel King. Transcript at vox.com/todayexplained Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	A popular Tik-Toc trend I don't pretend to understand is where someone
0:06.0	armed with a video camera across their coworkers and asks... How much is your car
0:10.5	we meant?
0:11.5	18. How much is your car payment? Mm, 1800.
0:13.3	How much is your car payment?
0:14.6	Um, pay like $1,200.
0:16.9	What's for lunch?
0:19.3	That's the real question.
0:21.9	If some of those numbers sound to you like rent, you're not wrong.
0:26.0	Owning a car has gotten more and more and more expensive.
0:30.0	Insurance is up, repairs are up, interest rates are up, and it wouldn't be America if scams were not also up.
0:37.0	Coming up on today, explain, we're not going to ask if you should just ride a bike or walk, that makes everyone mad, but we are going to examine what has happened
0:43.9	to make car ownership so unaffordable. I might not have money for food or to hang
0:49.5	out with my friends but I always have money for candles. I always have money for candles. I love candles.
0:57.0	Support for this show comes from Krakan.
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1:07.0	It doesn't care where you come from, what you look like, your credit score,
1:11.0	or your outrageous food delivery habits.
1:13.7	crypto is finance for everyone everywhere all the time.
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1:21.3	Don't invest unless you're prepared to lose all the money you invest.
1:25.0	This is a high-risk investment, and you should not expect to be protected if something goes wrong.
	...

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