Fast Lane Inflation: Used Cars Up 41.2%, New Cars Up 12.4%

As workers continue to return to commuting, the price of vehicles and auto parts is soaring.

The price of new and used cars and trucks has skyrocketed over the past year, according to data released by the Department of Labor on Thursday.

The cost of new cars and trucks in February increased 12.4 percent compared with 12 months ago. The price has risen 0.3 percent since January.

The cost of used vehicles is still in the fast lane, increasing 41.2 percent since last year despite a 0.2 decrease from the prior month.

It will not help much to just try to keep the old car running. Car parts prices are up 11.3 percent compared with a year ago. Tires are up 15.4 percent. Bodywork is up 11.9 percent, and repairs are up 6.7 percent.

And, of course, gas prices are at record highs.

Overall, the prices rose 7.9 percent compared with a year ago, a 40-year-high record high.