More on the Baumol effect, from @ATabarrok, fascinating graphs showing the rising price of shoes/clothing and car repair, relative to the cost of new shoes/clothing or new cars.pic.twitter.com/9xmUz3Pbiy
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Haha. I remember taking blenders or toasters to the repair store when I was a kid. Makes me wonder about the point when it'll be cheaper to just toss a car in a pit than take it for an oil change.
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Ending is better than mending!
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I bet the shape of the new car graph shifts considerably once financing is included. I do a lot of my own auto repair for a fraction of the cost of a mechanic, due mostly to skyrocketing labor costs.
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It's more that the quality of the cars has really increased. Both in terms of safety and frequency of maintenance.
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This is why we’re getting a new car now that our old one is 10 years old. It’ll only take a $2k repair to give the old one a higher TCO.
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The sensors magically start failing in year 10.
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