A huge tide of inflation swamped the automobile sector in October, raising prices on everything from new trucks, to parts, to fuel, to repairs, according to data released Wednesday.
Used cars were supposed to be the poster child of inflation burn out. Prices ran super hot over the summer as new cars were scarce due to chip shortages but were expected to stabilize or even decline in short order. But after falling 1.5 percent in August and 0.7 percent in September, used car and truck prices jumped 2.5 percent in October. Compared with a year ago, prices are up 26.4 percent.
That has created the rare phenomenon of used cars appreciating in value. Cars, except for notable classics and rare antiques, tend to fall in value every year.
Prices of new cars and trucks are also rising rapidly. New car prices rose 1.1 percent in October for a 9.2 percent annual gain. New truck prices rose 10.5 percent for the year after a monthly gain in October of 1.5 percent.
Motor vehicle accessories and parts have risen in price by 9.2 percent over the last 12 months and were up 1.8 percent in October. Motor oil, coolants, and fluids are up 11.3 percent annually and rose 2.1 percent in October.
Repairs and maintenance work on cars is also getting pricier. Body work prices are up 6.8 percent compared with a year ago. Maintenance and servicing is up 5.6 percent. Repairs are up 4.7 percent.
Insurance is up 6.3 percent.
And, of course, gasoline prices have soared. Gasoline rose 6.1 percent in October, bringing the annual gain up to 49.6 percent.