A report out this morning by financial services firm Lazard shows the cost of car repairs, including maintenance, for those 65 and older has jumped nearly 10% from last year.
According to the report, the average monthly cost of maintenance and repair in the city is now $9,832, while the average price of maintenance for an older person is $4,974.
In addition to the increase in the average cost of auto repairs, the report shows that the cost per service dollar of an older New Yorker has grown from $3,058 in 2012 to $5,749 in 2015.
“Our survey of our clients shows that a lot of the time, maintenance and repairs are going up for the 65 and over, but when it comes to health care costs, the numbers don’t add up,” Lazard’s Michael Leitner told the New York Post.
“It is becoming more expensive.”
“This is an issue that needs to be addressed in the health care system,” he added.
“When you have more people working at older ages, it creates a lot more stress on the health of people with health issues.”
The study does not include the cost for the cost-of-living increases over the past few years.
In fact, it’s not even possible to determine if the increases are the result of the cost hikes or the result and increase in longevity.
While there are a few other factors that could explain the increased cost of repairs and maintenance, one of the most significant factors that can increase the cost is the age of the car itself, according to the study.
A 2013 study found that the average age of new vehicles in New Jersey was 34.5 years old.
Lazard’s study, which looked at the cost and value of the cars that people buy and sell, found that in the New Jersey market, the age at which new vehicles are sold has risen from 25.7 in 2011 to 31.9 in 2017.
The cost of a used car in New England, where the average car price is $17,800, is the highest in the country, the study found.
New York is the second most expensive state for car repairs in the U.S. behind only California, where average car prices are nearly $27,000.
When it comes right down to it, the most expensive car repair in New Mexico is still the same car that was used by one of President Donald Trump’s presidential campaign surrogates.