AAA reports Owning a New Vehicle Costs Nearly $10,000 Annually
August 29, 2021
Tampa, FL – According to the latest research from AAA, the average annual cost of new vehicle ownership is $9,666, or $805.50 per month. The biggest factor pushing the nearly $10,000 annual price tag is depreciation.
It accounts for 40% of all ownership expenses outpacing additional costs like fuel and maintenance. With low inventory at dealerships due to the semi-conductor chip shortage, AAA urges new car buyers to be aware of all the expenses associated with ownership so that they can negotiate the best deal for their budget.
AAA advises car buyers to budget for more than the monthly payment as car prices increase. (AAA)
