A new study says owning a new car is more expensive than ever before, and new car finance costs are on the rise.
AAA says the average cost of owning a new vehicle is almost $800 each month, and more than $9,000 each year. AAA says those costs have climbed by about 24 percent. The organization says there are several reasons for this, including a bigger average price tag for new vehicles and higher federal interest rates.
AAA advises shoppers who want to save money on a new car to avoid long term loans. Multi-year loans can cost buyers more in the long run. They also encourage drivers to look at vehicle models that are a year or two old. That choice can bring big savings on vehicle purchase prices and car insurance.
AAA recommends going car shopping during the last two weeks of December. The organization says that’s the best time of year to get the best deal.
