Owning and driving a new vehicle in 2017 is a lot more than just the sticker price and monthy payments.
Owning and operating a new vehicle costs an average of $8,469 per year, or $706 per month according to AAA's 2017 Your Driving Costs study.
Marie Dodds, Director of Government and Public Affairs with AAA Oregon/Idaho, says small sedans are the cheapest to own and drive annually at $6,354 while pickup trucks are the most expensive at $10,054.
Dodds says on top of the price and monthy payments, maintenance, repair and fuel costs are a big part of the equation when considering buying a vehicle.
Depreciation is another huge factor. Small sedans and small SUVs have the least depreciation at around $2,000. Minivans and electric cars are at the high end of the scale. Minivans have around $3,800 in depreciation and electric cars have about $5,700 in depreciation.
On average, vehicles lose about $15,000 in value during the first 5 years of ownership.