Annual Cost Of Car Ownership Falls To $8698 - The Car Connection
First, there's the price of the vehicle, which now hovers north of $30,000 , on average. Tack on the price of insurance, fuel, and the occasional pair of fuzzy dice, and you've got one expensive proposition. But according to AAA, the average cost of car ownership has fallen about two percent over the past 12 months. Today, the average 48-month new car loan comes at a rate of 4. 33 percent, while a 36-month used car loan clocks in around 5. 2 percent. The average annual finance charge for an auto loan in the U. S. is now $669, or $178 below last year. Repair costs for conventional vehicles today are about the same as they were last year, having risen only about $7. 50. Pair that with other costs of ownership that have fallen, and the total cost declines. The news is even better for hybrids hybrid owners, who have seen repair bills drop -- in some cases, dramatically so. . That said, it's not all rainbows and unicorns. Owners of minivans and SUVs pay more than the national average for vehicle ownership (. Source: www.thecarconnection.com
