Rising vehicle expenses are squeezing household budgets, with new car ownership now costing an average of nearly $13,000 annually, according to a recent study by the American Automobile Association. The figure reflects a sharp increase in combined costs, including financing, insurance, maintenance, fuel, and depreciation, as economic pressures and supply chain challenges continue to reshape the automotive market. For drivers weighing the pros and cons of buying versus leasing—or even opting for alternative transportation—this analysis offers a stark breakdown of the financial realities tied to new car purchases. The findings underscore how inflation and shifting consumer priorities are redefining what it means to own a vehicle in today’s economy.
New car ownership costs hit $12,863 average per year, AAA study WWLP
