A new study is advising car buyers to prepare for sticker shock when it comes to buying a new car. According to the latest research from AAA, the average annual cost of new vehicle ownership is close to ten-grand, or over 800 dollars per month.
AAA’s latest research shows the average cost of new vehicle ownership is $9666 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 is urging new car buyers to be aware of all the expenses associated with ownership so that they can negotiate the best deal for their budget. Here’s Adrienne Woodland, spokesperson for the AAA Auto Club Group in Michigan.
“Consumers have to remember the expense of owning a car goes far beyond the monthly payment; and some of the things you want to look at, you want to look at the fuel cost, you also want to look at maintenance and tire costs.”
The “2021 AAA Your Driving Cost” study reviewed nine categories of vehicles – consisting of 45 models – to determine the average annual operating and ownership costs of each.
As it happens, buying a car is the second biggest purchase behind a home that most people will make in their lifetime. The car buying process can be seen as difficult, time-consuming and stressful.
“With strains on inventory this year, it is critical for consumers to do as much research as possible before beginning the buying process. Understanding all of the options available as well as individual needs can ease some of the anxiety associated with purchasing a car.”
Woodland says you can find that complete report at AAA.com
