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Data tracks various costs of vehicle ownership, including gasoline, maintenance and servicing fees

VIENNA, Va. (November 20, 2025) – Navy Federal Credit Union today released the latest iteration of its Cost of Car Ownership (COCO) Index, highlighting continued increases in the cost of owning a vehicle. Expenses associated with ownership are up 3.4% since September 2024. The same data shows an almsot 42% spike since January 2020, nearly double the rate of overall inflation in the same period. Using data from the Bureau of Labor Statistics, the COCO Index tracks 11 of the most impactful individual costs associated with car ownership.

As consumers prepare for holiday travel and as businesses around the country continue to steadily increase in-office requirements for their employees, insights from the COCO Index provide context around the affordability challenges many Americans face with vehicle ownership costs. 

Since September 2024, notable related price increases include:

  • 11.5% for repair costs 
  • 5.4% for body work costs
  • 5.1% for used vehicle prices
  • 5.1% for vehicle maintenance and servicing

“The Cost of Car Ownership Index is at a record high, surging almost 42% since January 2020,” said Heather Long, the credit union’s chief economist. “While overall inflation is up 25% since January 2020, the cost of car ownership has surged even higher, helping explain why so many Americans remain frustrated with the higher costs of basic aspects of their lives. U.S. drivers can’t catch a break.

“When during the pandemic first began, used car prices spiked as production fell and people were looking for cheap vehicles to avoid public transit,” Long continued. “Then gas prices surged to $5 a gallon. Then repair and insurance costs spiked. Now used car prices are climbing once again, up 5.1% in the past year as many Americans can’t afford new cars and are increasingly turning to used cars. People are also trying to fix their current vehicles to keep them as long as possible. Repair costs are up 11.5% in the past year, partly due to demand for more repairs and partly due to tariffs causing price hikes for critical parts. With new car prices topping $50,000 for the first time ever this fall, it’s unlikely there will be relief any time soon on the costs to buy and maintain vehicles in the United States.”  

These factors underscore ongoing pressures on household budgets as consumers navigate higher transportation costs.

“Car ownership costs have been steadily rising, but the end of the year remains one of the most favorable times to shop for a vehicle,” said Kevin Wince, vice president, consumer lending operations at Navy Federal. “Dealerships often offer their strongest incentives during November and December as they work to clear inventory and meet annual goals. These opportunities can help buyers save, but preparation is key. Securing preapproved financing and avoiding overly long loan terms can help ensure a purchase that fits your budget. 

“Navy Federal members can also take advantage of our TrueCar® partnership to search for the perfect vehicle within their price range and use our online calculators to determine what vehicle they can comfortably afford,” Wince continued. “Taking time to research options and understand pricing trends can make the difference between a smart purchase and a financial strain. With a little planning, consumers can turn seasonal deals into lasting value.”

The COCO Index uses January 2020 as the base benchmark (Index = 100).

Navy Federal last released its updated COCO Index data in September of this year. For more information on Navy Federal products and services, please visit navyfederal.org. 

About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 15 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 25,000 and has a global network of more than 370 branches. Navy Federal is contracted to operate the Overseas Military Banking Program under the authority of the Department of Defense, which provides Active Duty military servicemembers deployed overseas with access to some 60 branches and hundreds of ATMs spread across 10 countries and territories. For more information about Navy Federal Credit Union, visit navyfederal.org.