Average cost of owing a new vehicle $8,849 per year!

[Petros]

came across this:

"A 2018 AAA study found the average cost of owning and operating a new vehicle was $8,849 per year. Small sedans and hybrids cost the least ($6,777 and $7,485, respectively), while large sedans and pickup trucks cost the most ($9,804 and $10,215). The depreciation was shown to be a massive value sink as well, amounting to 40 percent of vehicle-owning costs.

"The secret to minimizing depreciation costs?" said John Nielsen, AAA's managing director of Automotive Engineering and Repair, in a statement. "Keep your car for a long time and keep it well-maintained or even consider buying a quality, pre-owned vehicle."



"keep your car a long time" seems like good advice. what about a 35+ year old eocno-box? sounds like a winner.

this applies to new vehicles only, much of that "cost"is depreciation in the first few years of ownership. Even so, owning newer cars and trucks, that require car payments to afford, mean you are looking at $20,000 a year for two vehicles.

if that is ture, I will never own a new car again! what a waste of money.

[splatterdog]

But wait, I can spread the payments out over 84 months..

Almost every one of my cars has been fully depreciated when bought or saved.