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AAA Shows Car Ownership Costs Increasing

September 19th, 2023 by WCBC Radio

The UAW strike is continuing to hit the Big 3 auto makers but owning a new car continues to be a pricey investment.  AAA’s latest figures say that owning and operating a new vehicle in 2023 has increased almost $900 monthly in the past year.  Car prices rose an average of $1575 over last year.  And finance charges rose a staggering 90% over last year.  One of the higher annual cost categories is fuel, but it is worth nothing that the cost of charging electric vehicles has also increased by over two cents per kilowatt hour.  AAA reports that the average cost for a new vehicle in 2023 is $34,876.00