AAA reports cost of owning a vehicle is highest ever recorded

Local News

Depreciation is the single biggest cost factor

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(WKBN) – AAA released a report that shows the cost of owning a vehicle is the highest it has been since the tracking of expenses began in 1950.

The average cost of vehicle ownership is $9,282 a year ($773.50 a month).

That includes fuel, repairs, insurance, licenses and financing.

Depreciation is the single biggest cost factor, accounting for more 36% of the average annual cost.

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