AAA has released a new study which examines the true cost of vehicle ownership.
According to their analysis, owing and operating a new vehicle will cost drivers an average of $706 a month or $8,469 annually.
Unsurprisingly, small cars are the most affordable with an average annual ownership cost of $6,354. Small crossovers weren't that far behind as they cost owners around $7,606 annually. At the other end of the spectrum, trucks were the most expensive with an average annual ownership cost of $10,054.
One of the more interesting results of the study revealed electric vehicles cost an average of $8,439 annually. That's lower than the overall average but it's still expensive as AAA notes they have low charging and maintenance costs. Instead, a large part of the high ownership cost is due to depreciation. According to the study, electric vehicles lose nearly $6,000 in value every year.
The massive depreciation isn't without its benefits as people who are interested in electric vehicles might want to consider looking at used models. Nissan Leafs, in particular, are pretty affordable as low mileage 2014 and 2015 models appear to be going for around $12,000 in metro Detroit.
Another interesting finding revealed that new vehicles cost an average of $1,186 a year to maintain and repair. Buyers should take this into consideration as a previous study found one-third of drivers could not afford an unexpected repair bill.
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