A new study from AAA looked at the average annual cost of new vehicle ownership. It assumed driving 10,000-20,000 miles/year and factored in fuel, maintenance, full-coverage insurance, registration and taxes, finance charges, and depreciation at each mileage level. Here are the results per category (for 15,000 miles driven per year):
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Sorted from cheapest to most expensive: luxury vehicles were excluded.
- small sedan: $8,939
- hybrid vehicle: $9,650
- subcompact SUV: $9,718
- 100% electric vehicle: $10,112
- compact SUV (FWD): $10,066
- medium sedan: $11,048
- medium SUV (4WD): $11,971
- midsize pickup: $12,258
- 1/2 ton crew-cab pickup: $15,858
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Source: YDC-Brochure_2023-FINAL-8.30.23-.pdf (aaa.com)
Welp, these numbers didn't seem to add up - so I did a bit of research.
I found their calculator at: https://www.aaa.com/autorepair/drivingcosts
If we enter a 2023 Toyota Camry LE in Cali, it estimates $11,675 per year in ownership costs.
- they suggest that the average 7.5k mile service is going to be $830???
- that after 5 years, a 75k mile 5 year old Camry is going to be worth under $10k???
- Finance Charges of $5,589.00 over 5 years??? That's based on The are based on a "five-year loan, with 15% down and a typical interest rate" so a worst case scenario...
These are very obviously ridiculous numbers.
If we replace the numbers with realistic ones it's at least 2-3 grand less than their estimate.
They also claim that a Mazda CX-5 is going to cost $62,500 over 5 years of ownership (2.3 times the purchase cost) claiming that it'll be worth $9.5k at 5 years and 75,000 miles and cost $9.5k to maintain. Their numbers are ridiculous.
