AAA puts annual cost of new vehicle ownership near $13,000

Owning a new vehicle now costs New Yorkers nearly $13,000 a year, or more than $1,000 a month, according to Spectrum News.

AAA’s analysis used an average gasoline price of $4.15 per gallon, up nearly 32%, and home charging costs of 18 cents per kilowatt-hour, up almost 8%.

Vehicles lost an average of $4,400 to depreciation, and AAA found that electric midsize sedans cost about 29% more overall than comparable gasoline models.

Half-ton pickups cost about $1.10 per mile to operate, 48 cents more than small sedans and more than $7,000 extra per year.

AAA advised buyers to budget for ownership and operating costs while negotiating the vehicle price, financing and trade-in value separately.

Staff Report

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