The record price of the car market

According to estimates of the organization AAA, this year the cost of new cars has peaked for all time in such studies. And this was mainly due to the fact that the average size of the costs associated with the repayment of the loan, increased by 24%, while the overall rate is just 4.9%.

The average car costs $9282 per year, or $773,5 per month. For comparison, in 2018, the figure was $8849. Costs on the repayment of the loan has increased from 744 to $920, which is partly associated with the increase in the cost of a new car to $32590 (5.2% more than in 2018), and the extension of the term of the loan from 68.6 to 69.6 months.

The most important factor is that the cost of operating a car is reduced by $3334 per year. However, this fact depends very much, including the specific model. As a rule, the smaller the car, the lower the cost — they are $7114 for a small sedan and 10839 — for pick-up.

The price increase is largely associated with the popularity of SUVs — their share reached almost 70% of total sales. For those who want to save money, you should pay attention to the cars that were in service for 1-3 years — during which time they fell in the range of $5-6 thousand, but they are still covered by the warranty.

The cheapest cost electric vehicles — the costs amount to an average of 10.25 cents per mile. In second place — models with hybrid engines (13.46 cents), whereas for medium-sized SUV and sedan, the corresponding figures are 22.8 and 18.45 cents. And although the new cars with electric and hybrid engines, as a rule, more expensive than usual, the prices are operating at least down very quickly.
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