Looking to buy a car? Then you're going to want to see the results of this study first.
You may not realize when shopping for a car, that you could end up paying more than the sticker price every year. Your car or truck may be draining thousands of dollars in ways you may not have thought of. Some people may find this alarming in Texas.
According to the website Edmunds.com, the average truck payment is just under about $500 a month. According to AAA, you’re not just paying your car note. You could be paying more than $10,000 annually.
KENS 5 asked San Antonio resident Janie Jiminez why she chose a pick-up. "My husband is a truck guy,” she said.
AAA said pickup trucks are the priciest set of wheels you can drive. Jiminez said that doesn’t change her mind.
According to a new study from AAA, owning and operating a new vehicle in 2017 will cost a driver an average of about $8,400 annually, or around $706 each month.
“It’s very important to look beyond that sticker price,” said Daniel Armbruster, AAA spokesman. "You also have to make sure those other costs are in your budget as well."
“Determining the cost of a new vehicle is more than calculating a monthly payment,” said Armbruster.
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.
He said small sedans are the least expensive vehicles to drive, at about $6,300 a year.
AAA also found that electric vehicles have lower-than-average driving costs at about $8,400 a year. However, they also have a high depreciation.