JACKSONVILLE, Fla. — The AAA 2022 driving cost report shows it’s now more expensive, on average, to own and operate a new car.
Buying a new car might not be so exciting once you learn high inflation is boosting the cost of ownership above the national average here in the Sunshine State.
“I have a 2015 Mazda 6, and I got it a little over a year ago,” says Zachary Faulconer.
“And how much did you pay for that?” we ask.
“I paid about $10,000. It was probably worth about $13,000 at the time, though. I actually bought it off my dad when he upgraded,” he replies.
The national average yearly cost to own and operate a new car in 2022 is $10,728, but in Florida, it’s $11,279 dollars, or 5% higher, according to AAA.
“A Mazda CX5: When did you get that car, and how much did it cost you?” we ask another Mazda owner.
“I bought it last year, and I think it was $35,000 to $40,000,” replies Bailey Barker.
On average, new car buyers are spending 11% more this year — or $1,062 more — to own and operate those new vehicles.
“I think it’s ridiculous,” says Bailey Barker. “Nowadays it’s hard to get around anywhere, especially with gas.”
AAA says higher energy costs for electric and gas-powered cars in addition to maintenance and insurance costs are causing the spike.
“With today’s gas prices, I would probably go as fuel-efficient as I could,” says Zachary Faulconer.
If you or someone you know needs to buy a new car this year, AAA suggests that you do the following:
-Start shopping early
Due to limited inventory, consumers may have fewer choices regarding a specific vehicle model. They may have to wait for delivery or even pre-order the vehicle of their choice.
-Obtain pre-approval from your lending institution before discussing finance rates with the dealer
By getting pre-approval, they will have a threshold of the best lending rate they’ll pay. Buyers can use their pre-approval to negotiate if the dealer offers a higher rate.
-Make a budget and factor in the different elements of ownership
Don’t just factor in monthly payments. Other factors to consider when making the budget include insurance, gas, routine maintenance, etc.
-Call your insurance agency
It’s important to compare potential rates for your top choices and how they compare to your current vehicle.
Another tip from AAA: Typically, three negotiations occur when purchasing a vehicle, which are the cost of the car, the finance rate, and the trade-in value. Keep each transaction/negotiation separate from the other.
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