The True Cost of Car Ownership: A Surprising Reality Check The notion that buying a car is all about finding the right price and monthly payment has been turned on its head by recent research from Insurify.
Their analysis reveals that drivers in the U. S. spend an average of $5,851 annually on car ownership, with full coverage auto insurance being the largest single expense at $2,237 per year.
This figure is not surprising given the rising costs of vehicle maintenance and repair. According to Kelley Blue Book, the average amount paid for a new car in July was $49,855, a 34% increase from two years ago.