If you’re a driver, then you know that the costs of auto repair can be pretty high. But what you may not realize is that the total cost of owning and operating a vehicle can be even higher. In fact, according to a new study from AAA, the average cost of owning and operating a vehicle in the United States is now $8,849 per year.
That’s right – the average cost of owning and operating a vehicle in the United States is now over $8,000 per year. And that number is only going to go up as the years go by. So, what’s driving up the cost of owning a car? Well, there are a few factors. Let’s scroll down to continue exploring this intriguing topic.
Cost Breakdown For Car Ownership
Gas Prices are Insane
For one, the cost of gasoline has been on the rise in recent years. In fact, according to AAA, the average price of gasoline in the United States is now $2.64 per gallon. That’s up from $2.51 per gallon just a year ago. And as gas prices continue to rise, and so too will the cost of owning and operating a vehicle.
Car Insurance Isn’t Getting Cheaper
Another factor driving up the cost of car ownership is the cost of auto insurance. According to AAA, the average cost of auto insurance in the United States is now $1,555 per year. That’s up from $1,503 just a year ago. And as the costs of auto insurance continue to rise, so too will the cost of owning a car.
Auto Maintenance is Pricey
Finally, the cost of vehicle maintenance and repairs is also on the rise. According to AAA, the average cost of maintaining and repairing a vehicle in the United States is now $1,049 per year. That’s up from $1,021 just a year ago. And as the costs of vehicle maintenance and repairs continue to rise, so will the cost of owning a vehicle too.
Reconsider Buying a Car That is Brand New
So, what does all this mean for you? Well, if you’re thinking about buying a new car, you might want to think twice. The cost of owning and operating a vehicle is only going to go up in the years to come. And that means that your monthly car payment is only going to get higher and higher.
How to Save Money on Car Ownership Expenses
But don’t worry, there are still ways to save money on your vehicle ownership costs. For one, you can always buy a used car instead of a new one. Used cars are often much cheaper to own and operate than new cars. And they can still get you from point A to point B just as easily as a new car can.
You can also save money on your car ownership costs by shopping around for the best deals on auto insurance. There are a number of different auto insurance companies out there, and each one offers its own set of rates and discounts.
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