The annual cost of owning a car now adds up to more than $12,000 a year as prices edged higher through the years.
AAA found in a new report that the average monthly cost of owning and operating a vehicle increased from $894 to $1015 over the past year. This means that over the course of a year, expect to pay at least $1454 more in 2023 than 2022.
Insurance, auto loans, global supply chain issues, and a constrained inventory of new vehicles have all played a huge role in these rising prices.
With new cars costing more than you might expect, car owners would benefit from learning more about car maintenance and finding different ways to maintain their car.