Sep 5, 2024 - Business
Charted: The price of owning a new vehicle
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The average annual cost of owning and operating a new car hit a new high in 2024 despite vehicle prices receding.
By the numbers: The average new vehicle costs $12,297 annually, up $115 from a year earlier, according to an annual study released today by AAA. That's $1,025 monthly.
- Five years ago, it was $9,282 annually, or less than $775 a month.
How it works: AAA includes a wide range of factors in its cost of ownership calculation, including depreciation, fuel, maintenance, insurance and finance charges.
Zoom in: The upward spiral in car insurance premiums is one notable driver in the overall increase.
- The average full-coverage policy cost $1,715 in 2024, up $127 from 2022, according to AAA.
