A new analysis reveals that owning a new vehicle carries significant annual expenses, with costs rising sharply despite potential fuel savings from electric and hybrid models. While EVs and hybrids reduce fuel expenditures, they do not fully offset higher upfront and maintenance costs compared to traditional vehicles. The study highlights how sticker price, insurance, financing, and depreciation contribute to the overall financial burden of vehicle ownership. Drivers considering alternatives may need to weigh long-term savings against these ongoing expenses.
AAA: It costs $12,863 annually to own a new vehicle, EV and hybrid fuel savings don’t offset higher costs repairerdrivennews.com
