Average New Vehicle to Cost Nearly $8,500 Annually, Says New Study
Thursday, August 24, 2017
See the Graphic Below
“Determining the cost of a new vehicle car is more than calculating a monthly payment. While sales price is certainly a factor, depreciation, maintenance, repair and fuel costs should be equally important considerations for anyone in the market for a new vehicle,” said John Paul, AAA Northeast Senior Manager of Traffic Safety.
Cost of Vehicle Ownership
The study shows that small sedans are the least expensive vehicles to drive, costing $6,354 annual. However small SUVs ($7,606), hybrids ($7,687) and electric vehicles ($8,439) all offer lower-than-average driving costs to U.S. drivers.
Pickup trucks are the most expensive vehicles to drive at $10,054 annually.
Estimating the Cost
AAA evaluated 45 2017 model-year vehicles across nine categories and focused on mid-range, top-selling vehicles. AAA’s annual driving cost is based on a sales-weighted average of the individual costs for all of the vehicle types.
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