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Car Ownership Costs Spike In Last Year

The unprecedented increase in gas prices this year is the main factor in a major overall spike in the annual cost of new vehicle ownership. Triple-A says it’s gone up over a-thousand dollars in the last year, to 10-thousand-728 dollars. Other factors include depreciation, financing, insurance, and maintenance. Spokesman John Treanor also points out the jump in new car prices…

click to listen to John Treanor

The study assumes a five-year ownership period, with a vehicle being driven at least 15-thousand miles a year. And with gas prices in mind, it’s little surprise that Triple-A says the two most expensive vehicle categories are half-ton pickups and medium SUV’s. Treanor says if you can’t hold off until prices come down, they also have a Driving Cost Calculator you can use…

click to listen to John Treanor

The least expensive category is still small sedans. And since they’re insulated from high gas prices, Triple-A says electric vehicles now have the second-lowest annual driving costs.

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