Owning a car is increasingly difficult for retired seniors. For many, it's simply unaffordable

Anyone who has ever struggled to afford a car, or lived without one, knows how complicated life can get without access to a vehicle. Car ownership has always been expensive, but recent trends suggest that it is getting worse. New car prices have risen so much that purchasing one is quickly becoming out of reach for many buyers: A new car cost about $48,000 in May 2023, roughly 25 percent more than one cost in May 2020. Because of a microchip shortage and auto manufacturers using their limited supply on luxury vehicles that cost more money, consumers are increasingly turning to the used car market, driving up those prices, too. Over almost the same time period, the price of an average used car rose about 50 percent. Plus, there’s the cost of gas, emergency repair, regular maintenance, and insurance, which also has been rising. In addition, people who struggle to afford a car often end up with bad loans or unreliable vehicles. [Continued]