Cost of Owning a Car Increases

The cost of owning a car in 2024 has increased dramatically. Car-insurance premiums rose 20.6%, with soaring insurance rates making it more expensive than ever to own a car, and the entire auto industry is feeling the pain. Owning a new car in 2024 has become notably more expensive, with annual ownership costs reaching an average of $12,182, marking a substantial increase from the previous year when the annual cost was $10,728. These figures are according to AAA's Your Driving Costs (YDC) data, which has been a reliable source of information on the expenses associated with new vehicle ownership for over seven decades. This article delves into the key factors contributing to this surge in expenses, with a focus on the impact of global supply chain challenges and changes in vehicle pricing. The 2023 YDC study reveals that the average MSRP for new vehicles stands at $34,876, a 4.7% increase from the previous year. It is essential to note that MSRP does not always align with the actual purchase price, which can fluctuate due to market demand. This increase in sticker prices directly influences finance costs, with an average annual finance charge of $1,253, representing a staggering 90% surge compared to the previous year. The average cost of a vehicle has increased. We discuss the costs and ways to make smarter choices. When is the best time to buy gas?

Thanks for watching!

** Go to https://trymintmobile.com/laurenfix - to get premium wireless for $15 a month **

➡️ Looking for more automotive news? Go to our second channel: https://youtube.com/@car-smarts

➡️ Buy me a cup of coffee: https://www.buymeacoffee.com/laurenfix

➡️ Listen to the Total Car Score Podcast with Lauren Fix, Karl Brauer, and Javier Mota on all platforms: https://www.revolverpodcasts.com/shows/total-car-score/