Report: Auto repair costs increased by 40% in 5 years
The cost to repair a vehicle increased 40% from 2018 to 2022, according to a UK-based warranty and insurance provider.
Intelligent Mooring said it analyzed more than 12,000 warranty claims filed throughout the past five years and discovered “higher prices for repairs are here to stay for the foreseeable future.”
The study, released this week, revealed that repair costs began spiking following the UK’s Brexit referendum in 2016, with warranty claims costs rising 19% from 2018 to 2019, and another 10% from 2020-2021.
Repair fees continued to skyrocket as the pandemic and other geopolitical events triggered supply chain issues and…
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