Understanding Car Ownership Costs

What was the average cost of a used car in October 2023?

• $25,000

• $26,533

• $48,334

• $30,000

How much did AAA estimate the annual cost of car ownership to be in 2022?

• $8,500

• $10,728

• $11,000

• $9,666

What is the average monthly cost of owning and operating a car according to AAA?

• $894

• $750

• $950

• $800

What is the average cost of full coverage car insurance in 2024?

• $2,750 per year

• $3,000 per year

• $2,000 per year

• $2,545 per year

What was the national average cost of gasoline as of February 23, 2024?

• $3.50 per gallon

• $3.27 per gallon

• $2.99 per gallon

• $4.70 per gallon

What is the average monthly loan payment for a new car?

• $726

• $533

• $650

• $700

How much did vehicle depreciation cost annually for a medium sedan driven 10,000 miles per year in 2022?

• $3,656

• $4,000

• $3,500

• $3,800

What percentage of individuals chose to finance their vehicles?

• 85 percent

• 82 percent

• 79 percent

• 75 percent

What factors play a role in determining the total cost of car ownership?

• Type of tires, color, and brand

• Color of the car, brand, and size

• Insurance, fuel costs, and maintenance

• Brand, size, and type of engine

What can help reduce the cost of car ownership?

• Only driving on highways

• Ignoring maintenance

• Buying a more expensive car

• Shopping for cheaper car insurance