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buyingNew cars and trucks: Vehicle ownership costs reach new high, AAA finds

15:56  16 september  2019
15:56  16 september  2019 Source:   usatoday.com

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AAA 's annual cost -of- car - ownership study, released Thursday, found that a 24% increase in average financing costs on new cars contributed to a 4.9 That increase came in part from longer loan terms and higher vehicle prices. The average amount borrowed per new vehicle purchased in August was

Finance costs on new car purchases have jumped 24% in 2019, according to new AAA research, pushing the average annual cost of vehicle ownership to ,282, or 3.50 a month. That’s the highest cost associated with new vehicle ownership since AAA began tracking expenses in 1950

The average cost of owning a new vehicle reached an all-time high this year as financing costs jumped.

AAA's annual cost-of-car-ownership study, released Thursday, found that a 24% increase in average financing costs on new cars contributed to a 4.9% overall increase in the expense of owning a new vehicle.

Altogether, it costs the average American about $9,282 per year, or $773.50 per month, to own a new vehicle when factoring in fuel, maintenance, depreciation, insurance and borrowing costs, according to AAA. That's up from $8,849 in 2018.

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Your total car costs include a lot more than your monthly loan payment. Use NerdWallet’s total car cost calculator to see how much you’re really spending. AAA ’s most recent Your Driving Costs study provides annual average costs for insurance, maintenance Based on the stated high and low fees

Finance costs on new car purchases have jumped 24-percent in 2019, pushing the average annual cost of vehicle ownership to ,282, or 3.50 a month, AAA reports. That’s the highest cost associated with new vehicle ownership since AAA began tracking expenses in 1950, and a

The average buyer pays $920 in annual financing costs alone – namely, loan interest – which is up from $744 in 2018. That increase came in part from longer loan terms and higher vehicle prices.

The average amount borrowed per new vehicle purchased in August was $32,590, up 5.2% from a year earlier, according to car-buying advice site Edmunds. The average interest rate was 5.8%, the same as a year earlier, but average loan terms went from 68.6 months to 69.6 months.

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Vehicle depreciation is the most significant factor in the average cost of owning a new vehicle, according to AAA. The average vehicle will depreciate by $3,334 in 2019.

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New cars on average cost 82 per year over a five-year/75,000-mile period, a 5 percent increase over 2018, says the nonprofit insurance agency. AAA calculated average costs across 45 popular 2019 models in nine categories, including sedans, SUVs, minivans, trucks , hybrids, and pure electrics.

Driving costs in each category are based on average costs for five top-selling 2019 models selected by AAA . AAA ’s analysis covers vehicles equipped with standard features and optional equipment including automatic transmission, air conditioning, power steering, antilock brakes and cruise control

Vehicle costs vary widely, depending on the model. In general, the smaller a car, the less expensive it is.

The average cost of a small sedan was $7,114, compared with $10,839 for a pickup.

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New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds
New cars and trucks: Vehicle ownership costs reach new high, AAA finds

The nation's SUV boom played a role in driving costs higher. SUVs, which are more expensive than cars, account for about seven in 10 new vehicle purchases, according to industry analysts.

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CARS .COM — Despite slightly higher fuel costs in 2017 than in 2016, U.S. drivers might be surprised to learn the average year-to-year cost of vehicle ownership has dropped from last Pickup trucks were ranked as the most expensive vehicle type to drive at an estimated cost of ,054 annually, or

"It’s definitely pulled (the average) up because those vehicles are more expensive to own and operate," said Mike Calkins, principal author of the study for AAA. "Pickup trucks are really big right now, and those are the most expensive vehicle to own and operate by a good margin."

Cost-conscious consumers should hold off and buy a used car that's one to three years old, he said.

"Someone else is eating that $5,000, $6,000 in depreciation that happens in the first few years," but "you're still getting a vehicle that's under warranty," he said.

Another way to save: Buy an electric car, preferably lightly used, Calkins advised.

Of all vehicle categories measured by AAA, electric cars were easily the cheapest to operate at 10.25 cents per mile. Hybrids were next cheapest at 13.46 cents per mile. In comparison, a medium SUV was 22.8 cents, while a medium sedan was 18.45 cents.

Electric cars and hybrids are generally more expensive when purchased new, but they depreciate very quickly, have low fuel costs and have lower maintenance costs, according to AAA.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

This article originally appeared on USA TODAY: New cars and trucks: Vehicle ownership costs reach new high, AAA finds

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