AAA Says Owning A New Car Costs You Over $9,200 Per Year

A study conducted by AAA has revealed the average cost of owning a new car in the United States – and it’s not cheap.

The study, which has been conducted annually since 1950, reveals that the average annual ownership cost for a new car in 2019 is $9,282 per year, or $773.50 per month.

AAA came to that figure by averaging costs among 45 popular 2019MY vehicles across nine categories, among them sedans, SUVs, minivans, trucks, electric vehicles and hybrids. High-end sports cars and luxury cars are not included in the study as they, obviously, don’t represent the average car owner.

Also Read: New Study Finds Rear Automatic Braking Can Reduce Collisions By 81%

The study estimates annual costs over five years or 75,000 miles (120,700 km) and looks at individual factors such as 60 months financing with 10 per cent down, the cost of buying a new set of tires, and holding insurance with $100,000/$300,000 limits and a $500 deductible. Unsurprisingly, depreciation is a huge factor in the cost of owning a new car and, on average, comes down to more than $3,300 a year, or more than a third of total ownership costs.

The cheapest new car you can own is a small sedan with an estimated annual cost of $7,114, while mid-size SUVs had an average ownership cost of $10,265 per year. If a new car owner were to drive the full 75,000-miles over a five-year period, they would be spending 79 cents per mile for the privilege of driving a new car. Perhaps buying a used car isn’t a bad idea after all? Sure, most of the spending will be the same, and you’ll have to account for replacing items that wear over time, but at least you don’t take that much of a hit on depreciation.

If you’re curious to see how much owning a new car would cost you depending on how often you drive, check out the full study here.

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  • my dad used to go to a AA meeting… When I was a kid

    • joeybuttafucco

      did that affect your personality and outlook on life? I hope he was able to give up the juice!

  • FordMopar

    Maybe lease, ehhh?? Both ways are lose-lose situation till we die anyway. (Buy or lease). Simple as that.

    • Alduin

      Leasing is pissing money away on a car that isn’t yours. If you have to finance do no more than 36-48 months.

      • FordMopar

        You’re already losing money on buying a car. It loses value over the time. People keep the cars for nearly 10 years and paying for repairs and crap. Then it dies. They lost 35 grand or more. Might as well lease. Life’s too short to be worrying about money and everything. If your job can afford you that kind of payments, do it. Enjoy all kinds of cars for rest of your life and then die happy.

  • Alduin

    Which is why it’s better to buy used. Even better when it’s certified or you get a warranty that is backed by the automaker. Make sure the car isn’t past it’s 36 month bumper to bumper to get a factory backed extended warranty. Look at the date it was sold not manufacture date.

  • salamOOn

    “has revealed the average cost of owning a new car in the United States – and it’s not cheap”

    “and looks at individual factors such as 60 months financing with 10 per cent down”

    sooo? you have to pay a price for a new car….and its not cheap. shocking!

  • SteersUright

    Fantastic. Thanks for reminding us that life is expensive and only the rich can survive and live well today. And what do they propose as an alternative? Most state funds get squandered to crony contracts and there’s no great public transportation in most states. So, thanks for reminding us we all have bills to pay and they’re only going up.

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