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The Real Cost Of Owning A New Car

While the idea of buying a new car may sound exciting, it’s important to know that new vehicle is going to cost you a lot more money than just the price on the sticker.

new AAA report finds:

  • The average annual cost of owning a new vehicle is $10,728, which comes out to $894.00 a month.
  • That’s an increase from $9,666, or $805.50 per month last year.
  • The number is based on a comparison in six categories - fuel, maintenance/repair/tire costs, insurance, license/registration/taxes, depreciation, and finance charges.
  • The biggest chunk of that money comes from depreciation, a measure of how quickly a car loses value, which accounts for about a $3,656 loss per year.
  • And the actual cost of a car could be even higher this year, since the study based fuel costs on the first five months of the year, when the average gas price was 17.99-cents a mile, or $3.99 a gallon, and prices went up considerably as of March.
  • Cost of maintenance, repairs and tires come out to about 9.68 cents per mile, although that depends on the size of the vehicle.
  • One way to save money on gas is to get an electric vehicle, with EV owners only spending about 4-cents a mile to charge their vehicle at home.
  • That would save EV drivers almost $2,100 a year, assuming both an EV and a gas-powered vehicle goes 15,000 miles annually.
  • EVs also have the lowest maintenance, repair and tire costs, plus owners pay lower fees because of federal and state purchase incentives.

Source: AAA


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