This information has been provided by AAA Allied Group, which is headquartered in West Hartford, CT.
Owning and operating a new vehicle in 2017 will cost a driver an average of almost $8,500 annually, or more than $700 each month, according to a new study from AAA.
The annual evaluation of driving costs reveals that small sedans are the least expensive vehicles to drive at just over $6,300 annually, however small SUVs, hybrids and electric vehicles all offer lower-than-average driving costs to U.S. drivers.
Conversely, of the nine categories included in the evaluation, pickup trucks are the most expensive vehicles to drive costing more than $10,000 a year.
“Determining the cost of a new vehicle is more than calculating a monthly payment,” Amy Parmenter, spokesperson for AAA in Greater Hartford. “While sales price is certainly a factor, depreciation, maintenance, repair and fuel costs should be equally important considerations for anyone shopping for a new vehicle.”
To estimate the overall cost to own and operate a new vehicle, AAA evaluated 45 2017 model-year vehicles across nine categories and focused on mid-range, top-selling vehicles.
Key findings include:
Depreciation — the declining value of a vehicle over time — is the biggest, and most often overlooked, expense associated with purchasing a new car. New vehicles lose an average of $15,000 in value during the first five years of ownership. In 2017, small sedans and small SUVs have the lowest annual depreciation costs, while minivans and electric vehicles are at the high end of the scale.
Maintenance and repair
New vehicles, on average, will cost a driver almost $1,200 per year to maintain and repair.
Fuel costs vary significantly by vehicle type, ranging from almost 4 cents per mile (electric vehicles) to almost 14 cents per mile (pickup trucks). New vehicle owners, on average, will spend just over 10 cents per mile – about $1,500 annually – to fuel their vehicles.
AAA provides automotive, travel and insurance services to 57 million members nationwide and more than one million members in Connecticut. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android. For more information, visit www.aaa.com.