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You know that the cost of owning a car is more than just what you pay for the vehicle itself. But are you factoring in ALL of the costs?
AAA’s recent report, Your Driving Costs, shows the average costs for operating your vehicle in 2021. Here’s how the expenses are broken down:
The study finds that midsize pickups, such as the Chevrolet Colorado, Ford Ranger and Honda Ridgeline are the cheapest to own. Their yearly average cost: $6,178.
Four-wheel-drive medium SUVs, such as the Subaru Outback, Jeep Grand Cherokee and Toyota Highlander cost their owners the most at $9,968 annually.
To come up with its figures, AAA looked at detailed driving costs for the top-selling 2021 models in nine vehicle categories.
Below, you’ll see the average yearly costs for the vehicle categories selected by AAA. The numbers below apply to a motorist who drives 15,000 miles per year.
Vehicle Categories | Average Total Cost Per Year |
Small Sedan | $7,230 |
Median Sedan | $9,366 |
Subcompact SUV | $8,017 |
Compact SUV (FWD) | $8,494 |
Medium SUV (4WD) | $9,968 |
Midsize Pickup | $6,178 |
1/2 Ton Crew Cab Pickup | $7,844 |
Hybrid Vehicle | $6,803 |
Electric Vehicle | $7,589 |
AAA has come up with several mathematical formulas to help you calculate how much your car is costing you over the course of a year. To sum them up, you’ll need to:
See AAA’s Your Driving Costs study for a detailed look at figuring out your costs.
Because of the currently distorted car market, money expert Clark Howard says now is not the time to buy a new or used vehicle.
“If you can at all avoid it, don’t replace your car. Keep your current car,” he says.
This post was last modified on September 7, 2021 11:58 am
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