Current:Home > NewsThe Daily Money: Americans are ditching their cars -TradeWisdom
The Daily Money: Americans are ditching their cars
View
Date:2025-04-28 00:52:00
Good morning! It’s Daniel de Visé with your Daily Money.
Owning a car isn’t cheap.
Auto insurance costs are up more than 50% over the past four years, Bailey Schulz reports. New vehicles jumped 20% in price during that time. Driving is getting costlier, too, with gas prices averaging more than $3.50 and maintenance costs rising because of labor shortages and the shift to more computerized vehicles.
Altogether, owning a new car costs about $12,000 a year, according to one estimate from AAA. It’s enough for some Americans to call it quits on driving altogether.
Inflation pushes teens into the workforce
At 18, Michelle Chen covers her cell phone bills as well as school expenses. She squirrels away money for college. And, with her earnings from a summer job, she helps her parents by stocking the fridge with groceries and makes sure her two younger brothers have pocket money.
With consumer prices up more than 20% over the last three years, more teens are getting jobs to help out parents feeling the financial pinch, Bailey Schulz and Jessica Guynn report.
In fact, research shows an increase in the percentage of youth paying for household bills.
📰 More stories you shouldn't miss 📰
- A different price for everyone?
- What does Biden's exit mean for the economy?
- Investors react to Biden withdrawing from the race
- Should you max out your 401(k)?
- Pre-register for USA TODAY/Statista survey of top accounting firms
📰 A great read 📰
We're going to wrap up with a recap of Friday's massive tech outage, which even briefly affected operations here at The Daily Money. (Our system locked up right as Betty Lin-Fisher and I were finishing a report on said outage. A reboot set things right.)
It all started with a software update.
Microsoft’s “blue screen of death” upended government services and businesses across the country Friday, disrupting emergency call centers, banks, airlines and hospitals.
While Microsoft said a faulty software update from U.S. cybersecurity firm CrowdStrike was responsible for the major IT outage, the incident brought attention to just how big of a market share both companies have in their respective sectors.
How did it happen? What's next?
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
veryGood! (39732)
Related
- Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
- Ukraine’s Zelenskyy heads to Argentina in bid to win support from developing nations
- Sean Diddy Combs denies accusations after new gang rape lawsuit
- Is the max Social Security benefit a fantasy for most Americans in 2023?
- 'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
- Protesters at UN COP28 climate summit demonstrate for imprisoned Emirati, Egyptian activists
- Brenda Lee is much bigger than her 1958 Christmas song that just hit No.1
- The NRA has a surprising defender in its free speech case before the Supreme Court: the ACLU
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Some Seattle cancer center patients are receiving threatening emails after last month’s data breach
Ranking
- Pressure on a veteran and senator shows what’s next for those who oppose Trump
- Tom Brady and Irina Shayk Reunite During Art Basel Miami Beach
- Hong Kong holds first council elections under new rules that shut out pro-democracy candidates
- Chris Evert will miss Australian Open while being treated for cancer recurrence
- Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
- Maine’s congressional delegation calls for Army investigation into Lewiston shooting
- Third victim ID'd in UNLV shooting as college professors decry 'national menace'
- American skier Breezy Johnson says she won’t race during anti-doping rules investigation
Recommendation
'Vanderpump Rules' star DJ James Kennedy arrested on domestic violence charges
With bison herds and ancestral seeds, Indigenous communities embrace food sovereignty
'Zombie deer' disease has been reported in more than half the US: What to know about CWD
Police in Lubbock, Texas, fatally shoot a man who officer say charged them with knives
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Inside Amy Robach and T.J. Holmes' Enduring Romance
Tibetans in exile accuse China of destroying their identity in Tibet under its rule
At UN climate talks, cameras are everywhere. Many belong to Emirati company with a murky history