The next time your car breaks down, expect to fork over more money – and wait longer – for repairs. The cost of car repairs was up by 19.7% on an annual basis, according to the latest federal consumer price data.
Multiple shortages combined with higher prices on all types of goods have hiked repair costs, experts say. Consumers should see improvements with part shortages and car availability, but the labor shortage is different. There’s an annual demand for 258,000 new auto techs, but only 48,000 graduate from programs each year. A growing labor shortage of automotive technicians and the complexity of repairs is driving the wait times and can also mean the repair takes longer.
