New Vehicles Costing Americans Additional $706 a Month

Paterniano Del Favero
Agosto 24, 2017

However, owners can add more than another $700 monthly to the costs of their vehicles, according to a new study.

Overall, owning a new electric auto costs $8,439 per year, slightly less than the average of $8,469 based on 15,000 miles driven.

AAA found that electric vehicles have lower-than-average driving costs at $8,439 per year. However, battery-powered cars require less money for fuel and maintenance. AAA did not point to a specific reason for the slight drop in annual average costs, and three new vehicle types were added to the list that was analyzed previous year, likely affecting the outcome.

"While sales price is certainly a factor, depreciation, maintenance, fix and fuel costs should be equally important considerations for anyone in the market for a new vehicle", Nielsen said.

It will cost a driver an average of $8,469 a year, or $706 each month, to own and operate a new vehicle in 2017, according to a newly published study from AAA.

Depreciation - the declining value of a vehicle over time - is the biggest expense associated with buying a new auto.

Without an internal combustion engine, electric vehicles have the lowest maintenance costs aside from small sedans, but because hybrids depreciate at a lower rate than EVs, they break down to be cheaper than a exclusively battery-powered vehicle.

Another interesting finding in the study revealed that minivans had higher depreciation than medium SUVs, but are overall cheaper to own than crossovers, revealing that perhaps those who ditched minivans for SUVs may have done so in poor financial interest.

The study concluded small sedans are the least expensive carrs to own at $6,354 annually and pickup trucks are the most expensive vehicles to drive at $10,054 a year.

M - Despite slightly higher fuel costs in 2017 than in 2016, USA drivers might be surprised to learn the average year-to-year cost of vehicle ownership has dropped from last year. New vehicles, on average, will cost a driver $1,186 per year to maintain and fix.

AAA examined factory-recommended maintenance, replacement tires, extended warranty costs and services associated with typical wear-and-tear. New vehicle owners, on average, will spend just over 10 cents per mile - about $1,500 annually - to fuel their vehicles. They had the second-highest maintenance costs behind large sedans, but suffered from the highest fuel, insurance and licensing costs.

Simply looking at the cost categories, one might assume that EVs would top AAA's driving cost lists. On average, EVs lost $5,704 in value each year.

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