Average New Vehicle to Cost Nearly $8,500 Annually, Says New Study

Thursday, August 24, 2017
GoLocalWorcester Business Team

Owning and driving a new vehicle in 2017 will cost drivers an average of $8,469 annually, or $706  each month, according to a recent study completed by AAA.

See the Graphic Below

“Determining the cost of a new vehicle car is more than calculating a monthly payment. While sales price is certainly a factor, depreciation, maintenance, repair and fuel costs should be equally important considerations for anyone in the market for a new vehicle,” said John Paul, AAA Northeast Senior Manager of Traffic Safety.

Cost of Vehicle Ownership

The study shows that small sedans are the least expensive vehicles to drive, costing $6,354 annual. However small SUVs ($7,606), hybrids ($7,687) and electric vehicles ($8,439) all offer lower-than-average driving costs to U.S. drivers.

Pickup trucks are the most expensive vehicles to drive at $10,054 annually.

Estimating the Cost

AAA evaluated 45 2017 model-year vehicles across nine categories and focused on mid-range, top-selling vehicles. AAA’s annual driving cost is based on a sales-weighted average of the individual costs for all of the vehicle types. 

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