Report: Cost to own and operate a vehicle has risen
Seemingly everything has become more expensive this year, and that includes the cost of owning and operating a new vehicle. The average cost has gone up across the country, it’s over ten grand, even more in Michigan
The average yearly costs to own and operate a new vehicle have gone up, especially it seems in Michigan. That’s according to AAA. Here’s Adrienne Woodland, spokesperson for AAA-The Auto Club Group in Michigan.
“According to AAA’s 2022 Driving cost report the average yearly cost to own and operate a new vehicle is $10,728 a year. That’s an 11% increase from 2021. But in Michigan, the average yearly cost to own and operate a new vehicle in 2022 is $12,017 – 12% higher than the national average costs.”
Woodland says consumers are looking at the “entire package” of concerns when it comes to buying a new car and the costs associated with that purchase.
“While sticker price remains a focus for new car buyers. Consumers are also paying attention to operating costs, like fuel, maintenance and insurance.”
Woodland says they’ve launched an online calculator to help car buyers budget for the purchase. Plus, she offers a few tips like starting your search early since you may have to wait for delivery, also get pre-approval from your financial institution before discussing finance rates with your car dealer. And she says you should create a budget and factor in elements of ownership like insurance, gas and maintenance and that’s in addition to your monthly payment.
You can find more information about driving costs at AAA.com