Owning a Car Now Costs Over $1,000 a Month, on Average
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The annual cost of owning a new car now adds up to more than $12,000 as prices related to insurance, auto loans and the vehicles themselves have all edged higher.
AAA found in a new report that the average monthly cost of owning and operating a new vehicle increased from $894 per month in 2022 to $1,015 in 2023. That's an increase of $1,454 over the course of a year.
New car prices are finally leveling out, but the damage is done. The average transaction price of a new car is currently over $48,000, up from about $46,400 at the start of 2022.
"Due to global supply chain issues and constrained inventory of new vehicles, car prices rose dramatically in 2022. And while the situation continues to improve, the spillover effects are keeping prices high," Greg Brannon, director of automotive research at AAA, said in the report.
