AAA has released new figures that boggle the mind when it comes to owning and operating a new vehicle. Take a look!
2023: $34,876 average sticker price 2022: $33,301 average sticker price
2023: $1,015 a month own/operate 2022: $894 a month own/operate
2023: $1,253 annual finance charge 2022: 90% lower annual finance charge
It is interesting to note that new vehicles are projected to depreciate $4,538 per year over a 5-year period. This is an increase of 24% over 2022.
It is believed that the global supply chain issues and a reduced inventory of new vehicles has contributed to the cost increase. Manufacturers are also concentrating on producing larger vehicles with many extra features, and all that costs more for the consumer to purchase and to operate.
We just wanted to share these numbers with you in case you are in the market for a new vehicle. It is always good to have the latest figures so you can make an informed decision.
While it’s awesome to buy a new vehicle, we suggest evaluating your existing vehicle to see if it might be better to keep it VS buying that new one. It’s always better to keep your vehicle if you like it, it suits your needs, and the condition and mileage are within reason. We can help you to decide if it’s cheaper to keeper.
Certified Auto Specialists: the friendlier and more helpful auto shop! Feel free to call 626-963-0814 with any questions and we will be glad to help.
