Annual New Car Ownership Costs Over $12K
Published on August 30, 2023
Ownership costs are up significantly compared to last year driven by record new vehicle prices and a 90% increase in finance rates.
AAA reports that the cost of vehicle ownership is up over $1000 a month for the first time. AAA’s Your Driving Costs (YDC) are up sharply this year has been a reliable data source for the expenses associated with owning and operating a brand-new vehicle for more than seven decades.
Based on the latest figures, the average cost of owning and operating a new vehicle in 2023 has increased significantly, with an annual expense of $12,182 or a
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