NFCU: Gas Prices Drive Car Ownership Costs at Record High

SECAUCUS, NJ (DTN) – Car ownership costs are being driven to record highs by surging gasoline prices that are outpacing wage growth, the Navy Federal Credit Union (NFCU) reported Monday (4/13).

The NFCU’s cost of car ownership index rose 4.7% in March alone as gasoline prices climbed 21.2% month over month, the union’s data showed.

The index has surged 47.6% since January 2020, while wages increased only 31.5% in that span.

The U.S. Energy Information Administration reported the national average for gasoline at $4.12 gallon last week, up $1.31 or 47% on the year.