Annual expenses for owning and operating a new vehicle have risen sharply, with the total cost now reaching nearly $13,000 per year, according to a new analysis. The report highlights steep increases in maintenance, fuel, insurance, and depreciation as key drivers of the growing financial burden for drivers. Experts warn that these rising costs could force many to reconsider long-term vehicle ownership or explore alternative transportation options. The findings underscore a broader trend of escalating expenses in the automotive sector, prompting closer scrutiny of affordability for consumers.
New Vehicle Ownership Costs Hit $12,863 Annually: AAA Carrier Management
