NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. —Data from AAA says it is more expensive to own a new car this year than it was last year.
"AAA's annual Your Driving Costs study reveals that the total cost to own and operate a new vehicle is up to $12,297," said Shawn Steward with AAA Kansas. "That's an increase of $115 from 2023. Some of the leading culprits in that rise are depreciation and finance charges of the vehicles."
With automakers adding more vehicle choices with major redesigns, AAA advises buyers to consider various factors associated with owning and operating a new vehicle to fully understand ownership costs.
"The sales weighted average price for a new vehicle is $38,883," Steward said. "That's an increase of a little over 1% over last year."
On average, cars in this year's YDC lose $4,680 in value through depreciation annually.
"Half-ton pickups are the most expensive to operate, followed by electric vehicles in general," Steward said. "Medium SUVs are third highest in cost. If you're looking at least expensive to operate, gas powered small sedans, followed by hybrid vehicles and then sub-compact SUVs."
If you are buying a new car, create a monthly or annual budget and factor in ownership and operating costs before purchase.