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Owning a New Car Now Costs More than $12,000 Annually Amid Higher Gas Prices
AAA says electric vehicles have the lowest fuel costs, while hybrids offer the most consistent savings and gas prices have narrowed the gap.
- A new report from AAA finds the cost of owning a new car now exceeds $12,000 a year, breaking down to more than $1,000 a month.
- Rising gas prices and high finance charges are driving these costs, though the gap between expenses for gas-powered engines and EVs has narrowed as gas costs surged relative to electricity.
- Gas-Powered medium sedans cost $10,582 per year to own, while hybrid vehicles offer the most consistent savings and EVs provide the lowest fuel costs but lose value faster.
- AAA recommends creating a budget before purchasing a vehicle and getting preapproved by a bank before discussing financing with a dealership.
- Greg Brannon, AAA's director of automotive engineering, says consumers can better understand how total ownership costs vary by powertrain by comparing EVs, hybrids, and traditional gas-powered vehicles.
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11 Articles
11 Articles
With the price of gasoline skyrocketing, many are looking to buy a new vehicle that is more efficient, but it has rarely been as expensive as it is now. And now the cost of having a new vehicle rose to almost $13,000 a year just over $1,000 a month, according to the AAA. David Caltabiano, spokesman for the AAA, said that this is due to three reasons; the increase in gasoline, the depreciation of vehicles when they are resold loses value and the …
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Total News Sources11
Leaning Left0Leaning Right0Center9Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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