DENVER (KDVR) — If you are thinking about buying a new vehicle, get ready to spend more money. The yearly cost to own and operate a new vehicle just jumped 11% nationally, according to new data from AAA.
AAA said it costs about $894 on average each month and about $10,728 yearly to own and operate a new vehicle nationally.
In Colorado, AAA said the average yearly cost is $11,451.
“High gas prices aren’t just changing driving habits – they’re also changing the way Americans think about cars,” said Skyler McKinley, regional director of public affairs for AAA. “In fact, AAA research shows that one of the main reasons more folks want to go electric is to save money on gas.”
AAA said to come up with the cost, it used nine categories of vehicles with 45 models. The models were compared to six different categories:
- Fuel
- Maintenance/Repairs
- Tire costs/Insurance
- License/registration/taxes
- Depreciation
- Finance charges
If you are planning on buying a new car, there are a few things you should do first, AAA said.
- Start early– inventory is limited and you might have to wait for a delivery or pre-order your vehicle
- Get pre-approval– Reach out to your bank to get pre-approval before talking with a dealer
- Create a budget– Consider insurance, gas, maintenance, monthly payment
- Get an insurance quote and compare against your top choices and your current vehicle
Earlier this year, AAA announced that the best overall car for 2022 is the 2021 Ford Mustang Mach-E Premium, it’s an electric vehicle.