Keeping your car running is more expensive than ever
TheStreet’s J.D. Durkin brings you the biggest news of the day, including the ongoing earnings parade and why you’re paying more to keep your car running.
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look
00:03 at what we are watching on the street today.
00:06 Stocks are coming off their fifth consecutive winning week after the S&P 500 crossed 5,000
00:11 for the first time.
00:12 This week investors will continue to monitor earnings closely.
00:16 61 companies are slated to release results including popular names like Lyft, Instacart,
00:21 DoorDash, Coca-Cola and many others.
00:25 Traders will also be keeping a close eye on some key economic data in the days ahead.
00:29 An inflation report Tuesday and retail sales out Wednesday.
00:33 These reports will be monitored for any hints into the central bank's next move on interest
00:37 rates.
00:38 In other news, if you think it's getting a bit more expensive these days to keep your
00:41 car running, well, turns out you're right.
00:44 According to a new report from CNBC, the cost to maintain and repair a vehicle increased
00:49 by 4.1 percent from November 2013 to November 2023.
00:54 Meanwhile, the Consumer Price Index, which measures what consumers pay for goods and
00:58 services, only increased 2.8 percent in that same time frame.
01:03 And much like everything else, the price of car maintenance has only gotten worse since
01:07 the pandemic.
01:08 Prior to COVID, repair costs increased between 3.5 and 5 percent annually, but it increased
01:14 by 10 percent in 2022 and has yet to drop.
01:18 A big reason the prices have gone up is labor costs.
01:21 Since 2019, the average labor rate for repairs has increased from less than $50 an hour to
01:26 nearly $60 an hour at the end of 2023.
01:30 Another reason is the rising cost of car parts.
01:32 In 2022, car parts made by automakers increased 10 percent, and aftermarket parts, which are
01:38 made by other manufacturers but are often designed to be compatible with several different
01:43 vehicles, went up by 17 percent.
01:46 So if you didn't have enough incentive to do so already, this is just another reason,
01:50 of course, to drive safely.
01:53 That'll do it for your daily briefing.
01:54 On the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:57 Thanks for watching.
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