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Vehicle Costs at All Time High

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Since the supply shortage triggered during the 2020 pandemic, vehicle prices reached record heights and while they’ve decreased a bit, the cost of a vehicle is still prohibitively expensive to many Americans, especially when coupled with the now much-higher loan rates (7-11%).[1]

Since the pandemic, the average price of a new vehicle has increased 24% to nearly $48,000 as of April 2023. Higher interest rates have pushed the national monthly average of auto-loan payments to $729.

The same trend has affected the used-vehicle market even more drastically. Since 2020, the average price of a used vehicle has increased by up to 40% (nearly $29,000) and with the higher loan rate typically applied to used-vehicles that has increased the typical used-vehicle payment up to $563 per month.

Despite these increased costs many employers have not increased their delivery drivers’ reimbursement for use of their personal vehicle to deliver the employers’ products. Or, if they did, the increased reimbursement hasn’t kept up with the increased costs. Are you a delivery driver with questions about your rights?

[1] Data obtained from AP News article, “Repelled by high car prices, Americans are holding on to their vehicles longer than ever | AP News

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ADVERTISING ONLY: The information on this blog is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

Past results obtained by Biller & Kimble, LLC are no guarantee of future results. Each case or matter is different and must be judged on its own merits.