Gas Hit A Record And Americans Can No Longer AFFORD To Replace Their Cars

Gas hit a record $4.33 monthly average, the average American car is now 12.8 years old, and repair prices are up 60% since 2019. Here is who is buying the repair shops. Americans have stopped replacing their vehicles. The average age of a car on US roads has reached a record 12.8 years, new vehicles average close to $50,000, and nearly 1 in 4 new auto loans now runs 84 months or longer. The result is a $457 billion aftermarket industry serving customers who have no alternative, and it is being consolidated fast: Mavis paid $700M for Pep Boys this summer and now operates more than 4,400 locations under brands most drivers assume are competitors. In this video: Why the BLS repair index is up ~60% since January 2019, nearly double overall inflation The $40,000 calibration rig and $10,000 target boards that are closing small shops Negative equity of $6,884 and how the rollover spiral is built Why several million 4-6 year old used cars simply do not exist The total loss threshold that writes off a 12 year old car after a minor impact Why California gas is $6.40 and diesel is $8.35 for structural, permanent reasons The September jobs report: +29,000 vs 84,000 expected, July revised to -10,000 What a deficiency balance is, and why losing the car does not end the debt