Auto Service World
News   April 12, 2024   by Adam Malik

Prices continue to rise in auto sector

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Whether it’s new vehicles, used ones or auto parts, prices across various categories of the automotive industry rose throughout 2023.

New vehicles saw prices jump 3.4 per cent, according to the Consumer Price Index. Used vehicles had a more modest increase, up 0.3 per cent last year. According to DesRosiers Automotive Consultants, this represents a decrease in the rate of price increases for vehicles compared to the significant rises over the previous two years.

On the vehicle maintenance and repair side, service and replacement parts jumped 5.3 per cent and 5.8 per cent, respectively.

Gasoline prices saw a minimal increase of 1.4 per cent compared to December 2022. Passenger vehicle insurance premiums saw the highest growth, climbing by 5.9 per cent between December 2022 and December 2023.

“While not the increases we saw at the ends of 2021 and 2022, the auto industry — much like the market at large — continued to see persistent growth in CPI as of December 2023, with the costs of owning a vehicle still rising noticeably,” observed Andrew King, managing partner at DesRosiers.

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