AAA Says a New Car Will Cost Nearly $8,500 a Year to Operate

Thinking of buying a new car this year?  AAA Oklahoma says you better consider in the operating cost of $8,469 a year or $706 a month.

The findings are in a new study by the American Automobile association which determined small sedans are the least expensive to drive and pickup trucks are the most expensive—-no surprise there.

A small sedan’s annual cost is $6,354 while the yearly cost of driving a pickup truck is $10,054. Surprisingly, the cost of driving an electric vehicle is $8,171. However, electric vehicles also have the lowest maintenance and repair costs at $982 a year, because there is no gasoline engine. By relying on electricity instead of gasoline, fuel costs are also significantly lower than average, at under four cents a mile. but depreciation for the electric cars is extremely high, losing an average of nearly $6,000 in value every year.

“Determining the cost of a new vehicle is more than calculating a monthly payment,” explained Chuck Mai, spokesman for AAA Oklahoma. “While sales price is certainly a factor, depreciation, maintenance, repair and fuel costs should be equally important considerations for anyone in the market for a new vehicle.”