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The Hill
9 minutes ago
- The Hill
How much does it really cost to own a car in the US?
Driving is probably the most consistent way Americans get from point A to point B across the country. And while it's well known that buying a car is a significant investment, most of us don't typically factor in the day-to-day or annual costs associated with keeping our cars running and operational. Not to mention the cost of insurance for your vehicle, and for those who live in larger cities, the cost to park your car each and every day. Adding this all together, the average American pays roughly $12,828 a year to own a car, roughly $1,069 per month, says a new study from Way. The initial number probably seems eye-popping for sure, but when you break down the various payments on your vehicle, it slowly starts to add up. The first and largest is the depreciation of your car. While this isn't physically money that you're spending, it's money that you're losing every time you use your car. As with age and usage, the price of your car will continue to drop until the day you finally sell it or trade it in. On average, the value of your car drops about $4,600 a year, according to Way. Next is gas and insurance, which can vary depending on your location, but typically Americans spend about $2,200 on gas every year and $1,700 on car insurance. After that, there's the maintenance of your car that you end up doing every year. These include oil changes, tire rotations, brake pad replacements, new air filters, new windshield wipers and anything else that potentially goes wrong with your car in a given year. The prices on this can obviously vary drastically depending on what is going on with your car, but on average, a typical U.S. citizen will spend roughly $1,500 on car maintenance every year. Going a little more unnoticed is the various financing charges and taxes and fees that you end up paying each year on your car and probably don't even realize it. Combined, the two can add up to about $1,600 a year. Finally, there are parking costs, which probably only apply to people who live in larger cities. But on average, the typical American spends around $1,000 on parking. This can vary drastically obviously for someone who lives in the suburbs versus someone who lives in a major city in California or New York. Separately, all these payments may not seem too crazy, but when combined, it's a bit more than the normal person may expect to pay on a car year after year.
Engadget
an hour ago
- Engadget
China calls for the creation of a global AI organization
China wants to work with other countries and has laid out its plans for the global governance of artificial intelligence at the World Artificial Intelligence Conference (WAIC) in Shanghai. Li Qiang, the country's premier, warned about "technological monopolies" and said that AI could become "an exclusive game for a few countries and companies." As such, he proposed the creation of a "world AI cooperation organization" during the event. Li didn't specifically mention the United States when he talked about monopolies, but the US restricts AI chip exports to his country. NVIDIA had to develop chips that are only meant for China and conform to export rules so it wouldn't lose the Chinese market completely. Meanwhile, Chinese companies like Huawei are developing their own AI systems to make up for China's lack of access to more advanced AI chips from American firms. Li also made the statement a few days after the Trump administration revealed its AI Action Plan, which seeks to limit state regulation of AI companies and which aims to ensure that the US can beat China in the AI race. The Chinese premier said his country would "actively promote" the development of open source artificial intelligence and that China is "willing to provide more Chinese solutions to the international community" when it comes to AI. He also said that his country was eager to share AI technologies with developing countries in the global south. "Currently, overall global AI governance is still fragmented. Countries have great differences, particularly in terms of areas such as regulatory concepts [and] institutional rules," Li said. "We should strengthen coordination to form a global AI governance framework that has broad consensus as soon as possible."
The Hill
3 hours ago
- The Hill
Would a weaker dollar be a good thing for the US?
The strength of the U.S. dollar influences trade, inflation and investment, but as President Trump noted Friday, the currency's power comes with trade-offs. 'I'm a person that likes a strong dollar, but a weak dollar makes you a hell of a lot more money,' Trump told reporters Friday. The president added that a strong dollar helps keep inflation in check and feels good psychologically, but argued, 'You can't sell anything.' His mixed messaging highlights tension policymakers have long grappled with: There isn't a simple connection between the strength of a country's currency and the strength of its economy. On one hand, a strong dollar makes imported goods cheaper for American consumers, but on the other, a weaker dollar makes U.S. products more competitive abroad, benefiting exporters. What does it mean when the dollar is strong vs. weak? The dollar is considered strong when it rises in value against other currencies, as measured by the exchange rate. If a dollar can buy more of another currency than before, that means it's getting stronger relative to that currency. Tourists notice this when traveling abroad and exchanging money. Earlier this year, the U.S. dollar and the euro were nearly at parity, or worth practically the same. Today, $1 is worth about 0.85 euros, meaning Americans visiting Italy will notice they get fewer euros in exchange for their dollars than just a few months ago. In that sense, the dollar has weakened relative to the euro. But the value of the U.S. dollar — and other currencies — is constantly changing due to supply and demand, shaped by factors like monetary policy, inflation and investor sentiment. The dollar has been weakening recently, falling more than 10 percent in the first half of the year when compared to a basket of currencies from major U.S. trading partners. The last time the dollar weakened this much at the start of the year was 1973, according to The New York Times. What are the advantages of a strong dollar? American tourists get more value for their money abroad when the dollar is strong, but you don't have to leave the country to experience the upside. One of the main benefits is that it lowers the cost of imports, making foreign products cheaper for consumers. But shoppers buying Mexican tequila and Canadian maple syrup aren't the only ones who come out ahead — a strong dollar also lowers input costs for businesses that rely on imports, easing inflationary pressures. A U.S. automaker importing parts from Mexico would pay fewer dollars for the same peso-priced components when the dollar strengthens against the peso. Lower input costs for U.S. companies put pressure on foreign competitors to cut prices to stay competitive, another potential win for American consumers. More broadly, as the world's primary reserve currency, a strong dollar projects global confidence and reinforces trust in the U.S. financial system. It's often seen as a sign of economic strength. 'When we have a strong dollar, one thing happens — it sounds good,' Trump told reporters Friday. What are the disadvantages of a strong dollar? A strong dollar can hurt American exporters because it makes U.S. goods more expensive in foreign markets. Boeing, for example, exports large numbers of aircraft globally, and when the U.S. dollar strengthens, those planes become more expensive to foreign buyers paying in other currencies. American firms that don't export can also feel the pinch, as they often compete with imports. A strong dollar can make it harder for Made-in-the-USA products to hold their own against cheaper goods from abroad. 'You can't sell tractors, you can't sell trucks, you can't sell anything,' Trump said of a strong dollar on Friday. 'It is good for inflation, that's about it.' While a strong dollar tends to ease U.S. inflationary pressures, it also intensifies inflation abroad — a dynamic that, in today's interconnected global economy, can ultimately be bad for business. Another point: A strong dollar raises the cost of visiting the U.S., which can dampen tourism. In the end, the strength of the dollar is a balancing act, with trade-offs that ripple across the global economy. Whether it helps or hurts depends on where you sit and what you're trying to sell.
