The average cost of owning a vehicle in 2022 was $10,728, about 17.5 percent of the median income for a household of one in the state of Illinois.
The macro-economic global environment is still experiencing fallout from many governments’ economic policies in response to the coronavirus pandemic which included, stimulus packages supporting individuals and businesses with direct payments, increase unemployment benefits, and grants to businesses. Additionally, the government mandated that many businesses shut down to stop the spread of the coronavirus through social interaction. These policies caused demand to increase and supply to decrease, causing a significant
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