It’s getting more expensive to own a car, according to a recent study from AAA. The organization’s annual cost-of-car ownership study shows new car financing is up 24%, boosting the average annual cost of vehicle ownership to $9,282, or $773.50 a month.
Rising finance charges rose from $744 to $920, according to the report, which is an almost $200 spike. This comes as more consumers are opting for 72-month car loans, which lower monthly payments, but costs consumers even more long-term.
Among the report’s other findings: Average maintenance and repair costs rose 8.9% over last year. Electric cars had the lowest repair costs per mile and SUVs had the highest per mile.
Read the entire report here.
Rising car cost trends make CarSnoop even more valuable to consumers. Working with our exclusive network of auto dealers enables you to get your best deal on your new car. Learn more about CarSnoop here.