Buying a car is one of the biggest purchase decisions a person will make in their lifetime. While many consumers focus on the sticker price, there are many other costs associated with car ownership to consider. AAA’s annual Your Driving Costs research offers comprehensive information on the expenses associated with new vehicle ownership beyond the sticker price.
“The data Your Driving Costs provides is intended to help buyers make an informed decision. The report, coupled with the 2020 AAA Car Guide is the perfect resource for someone starting their new car-buying journey,” says Nick Faustman, spokesman for AAA. For 2020, the annual cost to own and operate a new vehicle is $9,561—up $279 from last year. This is a result of an increase in every category except gas prices and finance charges, which both dropped this year, likely due to impacts from COVID-19.
If a buyer opts instead to go with a used car, he or she should consider the types and amount of maintenance that will be required, and whether they feel having roadside assistance is important. AAA data shows that 33% of AAA calls for roadside assistance were for vehicles age 9 years or newer. Regular car repair and maintenance are important at any age, but older cars do need a little extra TLC.
Potential new car buyers are encouraged to reference Your Driving Costs and the 2020 AAA Car Guide to learn more.