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The most and least affordable cars to run

Data & Guides Cars The most and least affordable cars to run

According to the most recent data in Forbes Advisor, nine in ten U.S. households own at least one vehicle (91.7%). [1] Forbes Advisor, Car Ownership Statistics 2024 https://www.forbes.com/advisor/car-insurance/car-ownership-statistics/ And for many, buying a car can be one of the most expensive purchases in their lifetime, but the costs don’t stop there. [2] GOBankingRates, The Most Expensive Things You’ll Ever Buy, 2023 https://www.gobankingrates.com/money/financial-planning/most-expensive-things-youll-ever-buy/

This study considered the running costs of the 50 best-selling cars in the last couple of years (2022-24) to find out how much on average it costs to run a car, and the top models to choose if you want to minimize your annual expenditure. [3] Carscoops, These Are America’s Best Selling Cars And Trucks Of 2022, 2023 https://www.carscoops.com/2023/01/these-are-americas-best-selling-cars-and-trucks-of-2022/ [4] KBB, The 25 Best-Selling Cars of 2024 So Far, 2024 https://www.kbb.com/best-cars/top-10-25-best-selling-cars-trucks-suvs/ [5] Car and Driver, The 25 Bestselling Cars, Trucks, and SUVs of 2023, 2024 https://www.caranddriver.com/news/g43553191/bestselling-cars-2023/ [6] Visual Capitalist, The 10 Best-Selling Vehicles in America in 2023, 2024 https://www.visualcapitalist.com/best-selling-vehicles-in-america-in-2023/

To find out how much a common car costs to run, the study took into account the average costs for four factors: annual fuel or energy costs, annual maintenance costs, annual insurance costs, and annual fees and taxes.

Separate from this, the study also analyzed the annual depreciation and the cost per month when bought with finance schemes. You can read more about these aspects later in the study.

Key statistics:

The average cost to run a car in the U.S.

According to a February 2024 article in Fortune, the average American spends $47,338 on a new car. [7] Fortune, The average price of a new car is over $47,000—but analysts see prices dropping all throughout the rest of the year, 2024 https://fortune.com/2024/02/28/how-expensive-new-used-cars-outlook-forecast/ However, the most commonly purchased car comes in at slightly more than that. The Ford F-Series pickup truck has a suggested retailer’s price of between $57,090–$95,090. [5] Car and Driver, The 25 Bestselling Cars, Trucks, and SUVs of 2023, 2024 https://www.caranddriver.com/news/g43553191/bestselling-cars-2023/ [8] Car and Driver, 2024 Ford F-150 Lightning, 2024 https://www.caranddriver.com/ford/f-150-lightning, just shy of $10,000 more than the average purchase price.

However, when purchasing a new car, buyers shouldn’t just consider whether they can afford the upfront cost, but whether they can afford to run it too. The average car in this study costs $6,462 per year to run considering fuel and energy costs, insurance costs, maintenance costs, and annual fees and taxes, calculated using the American Automobile Association (AAA) calculator. [9] American Automobile Association (AAA), Your Driving Costs Calculator, 2024 https://www.aaa.com/autorepair/drivingcosts

The common American car costs $6,462 per year to run

Just over a third of all annual running costs go on fuel or energy costs, at an average of $2,246 a year. Just over a quarter of costs are spent on maintenance costs ($1,633) and over a quarter of costs are spent on car insurance ($1,763) with the remainder going on annual fees and taxes ($820).

The average annual cost to run a best-selling car

Cost % of annual costs
Annual fuel costs $2,246 34.8%
Annual insurance costs $1,763 27.3%
Annual maintenance costs $1,633 25.3%
Annual fees and taxes $820 12.7%
Total $6,462

However, these costs are dependent on the type of fuel used in the car: gasoline, electricity, or hybrid (which uses two types of fuel). Taking an average of the electric, gasoline, and hybrid cars in the study, the total cost to run an electric car per year is $5,517, a hybrid car costs $5,485 to run, and a gasoline car costs $6,544 to run per year.

The average annual cost to run a best-selling car per fuel type

Electric Gasoline Hybrid
Annual fuel costs $676 $2,364 $1,549
Annual maintenance $1,297 $1,657 $1,518
Annual insurance $2,368 $1,725 $1,670
Annual fees & taxes $1,176 $798 $748
Total per year $5,517 $6,544 $5,485

The most affordable car models to run

Considering the best-selling cars in the U.S., Tesla’s Model 3 is the least expensive car to run, with an annual running cost of $5,061.

Tesla Model 3 is the least expensive common car to run: costing $5,061 a year.

Compared to gasoline, energy costs for this electric car come to $636 per year – the smallest amount in the analysis. Annual maintenance costs are also the lowest of the cars analyzed, totaling $1,143. This is 30% below the study average of $1,633. The low energy and maintenance costs help to offset the estimated $2,463 spent on annual insurance – the 3rd most expensive car to insure in the research.

The Hyundai’s Elantra gasoline model claims the title of the 2nd least expensive car in the study, with an average running cost of $5,104. Both the Elantra’s annual gas cost ($1,615) and annual maintenance costs ($1,435) are the 5th lowest, but where the Elantra will save buyers most money is on annual fees and taxes, which come to $508 – 38% below the average of $820.

Placing third is the Toyota Corolla, at $5,182. This car had the 7th lowest annual gas costs ($1,615), the 11th lowest maintenance costs ($1,497), and the 6th lowest annual fees and taxes ($5,182).

Completing the top five are the Kia Forte ($5,235) and the Honda Civic ($5,282).

The top five least expensive car models to run per year:

  1. Tesla Model 3: $5,061
  2. Hyundai Elantra: $5,104
  3. Toyota Corolla: $5,182
  4. Kia Forte: $5,235
  5. Honda Civic: $5,282

The cost to run America’s best-selling cars

Rank Brand Model Type Annual Fuel cost Annual Maintenance Annual Insurance Annual Fees & Taxes Annual Running Cost
Rank 1 Brand Tesla Model Model 3 Type Electric Annual Fuel cost $636 Annual Maintenance $1,143 Annual Insurance $2,241 Annual Fees & Taxes $1,041 Annual Running Cost $5,061
Rank 2 Brand Hyundai Model Elantra Type Gasoline Annual Fuel cost $1,615 Annual Maintenance $1,435 Annual Insurance $1,547 Annual Fees & Taxes $508 Annual Running Cost $5,104
Rank 3 Brand Toyota Model Corolla Type Gasoline Annual Fuel cost $1,615 Annual Maintenance $1,497 Annual Insurance $1,511 Annual Fees & Taxes $559 Annual Running Cost $5,182
Rank 4 Brand Kia Model Forte Type Gasoline Annual Fuel cost $1,712 Annual Maintenance $1,491 Annual Insurance $1,540 Annual Fees & Taxes $493 Annual Running Cost $5,235
Rank 5 Brand Honda Model Civic Type Gasoline Annual Fuel cost $1,712 Annual Maintenance $1,608 Annual Insurance $1,413 Annual Fees & Taxes $549 Annual Running Cost $5,282
Rank 6 Brand Honda Model Accord Type Gasoline Annual Fuel cost $1,737 Annual Maintenance $1,550 Annual Insurance $1,492 Annual Fees & Taxes $601 Annual Running Cost $5,380
Rank 7 Brand Tesla Model Model Y Type Electric Annual Fuel cost $708 Annual Maintenance $1,339 Annual Insurance $2,399 Annual Fees & Taxes $947 Annual Running Cost $5,393
Rank 8 Brand Nissan Model Altima Type Gasoline Annual Fuel cost $1,737 Annual Maintenance $1,559 Annual Insurance $1,581 Annual Fees & Taxes $571 Annual Running Cost $5,449
Rank 9 Brand Toyota Model Camry Type Gasoline Annual Fuel cost $1,712 Annual Maintenance $1,598 Annual Insurance $1,544 Annual Fees & Taxes $608 Annual Running Cost $5,462
Rank 10 Brand Honda Model CR-V Type Hybrid Annual Fuel cost $1,549 Annual Maintenance $1,518 Annual Insurance $1,670 Annual Fees & Taxes $748 Annual Running Cost $5,485
Rank 11 Brand Honda Model HR-V Type Gasoline Annual Fuel cost $1,977 Annual Maintenance $1,593 Annual Insurance $1,585 Annual Fees & Taxes $570 Annual Running Cost $5,725
Rank 12 Brand Nissan Model Rogue Type Gasoline Annual Fuel cost $1,820 Annual Maintenance $1,537 Annual Insurance $1,795 Annual Fees & Taxes $657 Annual Running Cost $5,809
Rank 13 Brand Subaru Model Crosstrek Type Gasoline Annual Fuel cost $1,943 Annual Maintenance $1,617 Annual Insurance $1,645 Annual Fees & Taxes $641 Annual Running Cost $5,845
Rank 14 Brand Ford Model Maverick Type Gasoline Annual Fuel cost $2,248 Annual Maintenance $1,494 Annual Insurance $1,464 Annual Fees & Taxes $643 Annual Running Cost $5,849
Rank 15 Brand Ford Model Escape Type Gasoline Annual Fuel cost $1,977 Annual Maintenance $1,451 Annual Insurance $1,745 Annual Fees & Taxes $694 Annual Running Cost $5,867
Rank 16 Brand Jeep Model compass Type Gasoline Annual Fuel cost $2,048 Annual Maintenance $1,441 Annual Insurance $1,746 Annual Fees & Taxes $654 Annual Running Cost $5,888
Rank 17 Brand Chevrolet Model Trax Type Gasoline Annual Fuel cost $1,911 Annual Maintenance $1,852 Annual Insurance $1,647 Annual Fees & Taxes $506 Annual Running Cost $5,916
Rank 18 Brand Chevrolet Model Malibu Type Gasoline Annual Fuel cost $1,849 Annual Maintenance $1,975 Annual Insurance $1,544 Annual Fees & Taxes $551 Annual Running Cost $5,919
Rank 19 Brand Subaru Model Forester Type Gasoline Annual Fuel cost $1,943 Annual Maintenance $1,618 Annual Insurance $1,670 Annual Fees & Taxes $689 Annual Running Cost $5,921
Rank 20 Brand Tesla Model Model S Type Electric Annual Fuel cost $684 Annual Maintenance $1,410 Annual Insurance $2,463 Annual Fees & Taxes $1,540 Annual Running Cost $6,097
Rank 21 Brand Subaru Model Outback Type Gasoline Annual Fuel cost $1,977 Annual Maintenance $1,609 Annual Insurance $1,725 Annual Fees & Taxes $811 Annual Running Cost $6,122
Rank 22 Brand Toyota Model RAV4 Type Gasoline Annual Fuel cost $1,977 Annual Maintenance $1,657 Annual Insurance $1,748 Annual Fees & Taxes $750 Annual Running Cost $6,132
Rank 23 Brand Chrysler Model Pacifica Type Gasoline Annual Fuel cost $2,440 Annual Maintenance $1,535 Annual Insurance $1,370 Annual Fees & Taxes $852 Annual Running Cost $6,197
Rank 24 Brand Kia Model Sorento Type Gasoline Annual Fuel cost $2,124 Annual Maintenance $1,523 Annual Insurance $1,829 Annual Fees & Taxes $734 Annual Running Cost $6,211
Rank 25 Brand Mazda Model CX-5 Type Gasoline Annual Fuel cost $2,011 Annual Maintenance $1,731 Annual Insurance $1,713 Annual Fees & Taxes $764 Annual Running Cost $6,219
Rank 26 Brand Hyundai Model Tucson Type Gasoline Annual Fuel cost $2,205 Annual Maintenance $1,559 Annual Insurance $1,821 Annual Fees & Taxes $748 Annual Running Cost $6,333
Rank 27 Brand Kia Model Sportage Type Gasoline Annual Fuel cost $2,340 Annual Maintenance $1,509 Annual Insurance $1,807 Annual Fees & Taxes $689 Annual Running Cost $6,346
Rank 28 Brand Ford Model Edge Type Gasoline Annual Fuel cost $2,340 Annual Maintenance $1,521 Annual Insurance $1,856 Annual Fees & Taxes $793 Annual Running Cost $6,510
Rank 29 Brand Chevrolet Model Equinox Type Gasoline Annual Fuel cost $2,124 Annual Maintenance $2,042 Annual Insurance $1,737 Annual Fees & Taxes $680 Annual Running Cost $6,583
Rank 30 Brand Hyundai Model Santa Fe Type Gasoline Annual Fuel cost $2,389 Annual Maintenance $1,508 Annual Insurance $1,946 Annual Fees & Taxes $813 Annual Running Cost $6,657
Rank 31 Brand Jeep Model Grand Cherokee Type Gasoline Annual Fuel cost $2,548 Annual Maintenance $1,492 Annual Insurance $1,863 Annual Fees & Taxes $838 Annual Running Cost $6,741
Rank 32 Brand Jeep Model Wrangler Type Gasoline Annual Fuel cost $2,866 Annual Maintenance $1,398 Annual Insurance $1,812 Annual Fees & Taxes $746 Annual Running Cost $6,823
Rank 33 Brand Toyota Model Highlander Type Gasoline Annual Fuel cost $2,340 Annual Maintenance $1,764 Annual Insurance $1,877 Annual Fees & Taxes $857 Annual Running Cost $6,838
Rank 34 Brand Toyota Model Tacoma Type Gasoline Annual Fuel cost $2,797 Annual Maintenance $1,595 Annual Insurance $1,557 Annual Fees & Taxes $898 Annual Running Cost $6,847
Rank 35 Brand GMC Model Terrain Type Gasoline Annual Fuel cost $2,248 Annual Maintenance $2,105 Annual Insurance $1,792 Annual Fees & Taxes $731 Annual Running Cost $6,876
Rank 36 Brand Honda Model Pilot Type Gasoline Annual Fuel cost $2,493 Annual Maintenance $1,713 Annual Insurance $1,789 Annual Fees & Taxes $930 Annual Running Cost $6,925
Rank 37 Brand Chevrolet Model Colorado Type Gasoline Annual Fuel cost $2,797 Annual Maintenance $1,926 Annual Insurance $1,541 Annual Fees & Taxes $819 Annual Running Cost $7,083
Rank 38 Brand Hyundai Model Palisade Type Gasoline Annual Fuel cost $2,655 Annual Maintenance $1,647 Annual Insurance $1,969 Annual Fees & Taxes $895 Annual Running Cost $7,166
Rank 39 Brand Ford Model Explorer Type Gasoline Annual Fuel cost $2,730 Annual Maintenance $1,516 Annual Insurance $1,968 Annual Fees & Taxes $1,083 Annual Running Cost $7,297
Rank 40 Brand Kia Model Telluride Type Gasoline Annual Fuel cost $2,730 Annual Maintenance $1,712 Annual Insurance $1,981 Annual Fees & Taxes $961 Annual Running Cost $7,385
Rank 41 Brand Chevrolet Model Traverse Type Gasoline Annual Fuel cost $2,730 Annual Maintenance $1,952 Annual Insurance $1,886 Annual Fees & Taxes $863 Annual Running Cost $7,431
Rank 42 Brand GMC Model Sierra Type Gasoline Annual Fuel cost $2,866 Annual Maintenance $1,956 Annual Insurance $1,656 Annual Fees & Taxes $978 Annual Running Cost $7,456
Rank 43 Brand Toyota Model Tundra Type Gasoline Annual Fuel cost $2,797 Annual Maintenance $1,596 Annual Insurance $1,787 Annual Fees & Taxes $1,280 Annual Running Cost $7,460
Rank 44 Brand Ford Model Bronco Type Gasoline Annual Fuel cost $3,185 Annual Maintenance $1,603 Annual Insurance $1,899 Annual Fees & Taxes $994 Annual Running Cost $7,681
Rank 45 Brand Ford Model F-Series Type Gasoline Annual Fuel cost $3,276 Annual Maintenance $1,530 Annual Insurance $1,683 Annual Fees & Taxes $1,208 Annual Running Cost $7,697
Rank 46 Brand Chevrolet Model Silverado Type Gasoline Annual Fuel cost $3,185 Annual Maintenance $1,871 Annual Insurance $1,614 Annual Fees & Taxes $1,029 Annual Running Cost $7,699
Rank 47 Brand Toyota Model 4Runner Type Gasoline Annual Fuel cost $3,276 Annual Maintenance $1,576 Annual Insurance $1,897 Annual Fees & Taxes $1,071 Annual Running Cost $7,820
Rank 48 Brand RAM Model RAM Pickup Type Gasoline Annual Fuel cost $3,583 Annual Maintenance $1,690 Annual Insurance $1,663 Annual Fees & Taxes $1,045 Annual Running Cost $7,981
Rank 49 Brand Lexus Model RX Type Gasoline Annual Fuel cost $2,871 Annual Maintenance $2,085 Annual Insurance $2,051 Annual Fees & Taxes $1,039 Annual Running Cost $8,046
Rank 50 Brand Chevrolet Model Tahoe Type Gasoline Annual Fuel cost $3,276 Annual Maintenance $1,991 Annual Insurance $2,058 Annual Fees & Taxes $1,319 Annual Running Cost $8,644

The most expensive car models to run

Of the 50 car models on this list, which are the most expensive to run?

The 7-seater SUV Chevrolet Tahoe is the most expensive car to run in the analysis, with an annual running cost of $8,046 – $1,584 higher than the study average of $6,462. The Tahoe has the 2nd highest annual fees and taxes, at ​​$1,319, and the 2nd highest gas costs $3,276 – joint with the Toyota 4Runner, Ford F-Series, and the Chevrolet Silverado.

The Chevrolet Tahoe is the most expensive common car to run: costing $8,046 a year

The Lexus RX is next up with an annual running cost of $8,046. Although its annual gas costs ($2,871) and annual fees and taxes ($1,039) are slightly higher than average, the most expensive aspects of owning a Lexus RX are the annual maintenance costs ($2,085 – the 2nd highest in the study) and insurance costs ($2,051 – the 5th highest in the research).

Despite having won Motor Trends ‘Truck of the Year’ eight times, the RAM Pickup (which was marketed as the Dodge Ram until 2010) is the third most expensive model in the list. [10] EWALD, 5 Reasons to Pick a Ram 1500 https://www.ewaldcjdr.com/5-reasons-to-pick-a-ram-1500.html The RAM Pickup has an annual running cost of $8,046 and has the highest annual gas cost in the study at $3,583.

Completing the top five are the Toyota 4Runner ($7,820) and the Chevrolet Silverado ($7,699).

The top five most expensive car models to run per year:

  1. Chevrolet Tahoe: $8,644
  2. Lexus RX: $5,104
  3. RAM Pickup: $7,981
  4. Toyota 4Runner: $7,820
  5. Chevrolet Silverado: $7,699

The most and least expensive car brands to run

According to the study, choosing an electric car isn’t just an eco-friendly option – it’s good for your wallet too. Considering the three Tesla models in the study (Model 3, Model Y, and Model S), the average cost to run a Tesla car is $5,517 per year.

Close behind are Nissan (considering the Altima and Rogue models) and Honda (with five models on the list: Civic, Accord, CR-V, HR-V, and Pilot). Nissan and Honda have the 2nd and 3rd least expensive annual gas costs, and also performed well for annual fees and taxes. Nissan has the lowest annual fees and taxes in the study ($614), followed by Honda ($680).

The most expensive car brand to own is a Lexus. Note, that this only reflects the cost to own the RX model, as this is the only Lexus to make the list of 50 most commonly owned cars. The Lexus has the most expensive annual maintenance costs ($2,085) the 2nd most expensive gas costs ($2,871) and insurance costs ($2,051).

Next up is the RAM – whose RAM Pickup (trim 2500) is the only RAM car model in the study. As discussed earlier, the RAM has the highest annual fuel cost in the study ($3,583). Placing third, the two GMC models in the study (Terrain and Sierra), have a combined average annual running cost of $7,166, with the 2nd highest average annual maintenance costs at $2,031.

How much does the average car cost to run per brand?

Brand Fuel Costs Annual Maintenance Annual insurance Annual Fees & Taxes Total per year
Brand Tesla Fuel Costs $676 Annual Maintenance $1,297 Annual insurance $2,368 Annual Fees & Taxes $1,176 Total per year $5,517
Brand Nissan Fuel Costs $1,779 Annual Maintenance $1,548 Annual insurance $1,688 Annual Fees & Taxes $614 Total per year $5,629
Brand Honda Fuel Costs $1,894 Annual Maintenance $1,596 Annual insurance $1,590 Annual Fees & Taxes $680 Total per year $5,759
Brand Subaru Fuel Costs $1,955 Annual Maintenance $1,615 Annual insurance $1,680 Annual Fees & Taxes $714 Total per year $5,963
Brand Hyundai Fuel Costs $2,216 Annual Maintenance $1,537 Annual insurance $1,821 Annual Fees & Taxes $741 Total per year $6,315
Brand Chrysler Fuel Costs $2,440 Annual Maintenance $1,535 Annual insurance $1,370 Annual Fees & Taxes $852 Total per year $6,197
Brand Mazda Fuel Costs $2,011 Annual Maintenance $1,731 Annual insurance $1,713 Annual Fees & Taxes $764 Total per year $6,219
Brand Kia Fuel Costs $2,226 Annual Maintenance $1,559 Annual insurance $1,790 Annual Fees & Taxes $719 Total per year $6,294
Brand Grand Total Fuel Costs $2,238 Annual Maintenance $1,632 Annual insurance $1,759 Annual Fees & Taxes $818 Total per year $6,447
Brand Jeep Fuel Costs $2,487 Annual Maintenance $1,444 Annual insurance $1,807 Annual Fees & Taxes $746 Total per year $6,484
Brand Toyota Fuel Costs $2,359 Annual Maintenance $1,612 Annual insurance $1,703 Annual Fees & Taxes $860 Total per year $6,534
Brand Ford Fuel Costs $2,626 Annual Maintenance $1,519 Annual insurance $1,769 Annual Fees & Taxes $903 Total per year $6,817
Brand Chevrolet Fuel Costs $2,553 Annual Maintenance $1,944 Annual insurance $1,718 Annual Fees & Taxes $824 Total per year $7,039
Brand GMC Fuel Costs $2,557 Annual Maintenance $2,031 Annual insurance $1,724 Annual Fees & Taxes $855 Total per year $7,166
Brand RAM Fuel Costs $3,583 Annual Maintenance $1,690 Annual insurance $1,663 Annual Fees & Taxes $1,045 Total per year $7,981
Brand Lexus Fuel Costs $2,871 Annual Maintenance $2,085 Annual insurance $2,051 Annual Fees & Taxes $1,039 Total per year $8,046

The average depreciation values for common cars

Separate from the running costs, the study also considered two other ways your car might impact your finances: depreciation, and a monthly finance option.

Car depreciation is the rate at which your car loses value. Several factors contribute to depreciation, these include wear and tear, market demand, and the economic climate. [11] KBB, How To Beat Car Depreciation, 2023 https://www.kbb.com/car-advice/how-to-beat-car-depreciation/ Considering all 50 cars analyzed in the study, the average yearly depreciation figure is $4,514.

If you are looking to resell your car in the near future, then you should consider the cars with the smallest depreciation values. These were the Subaru Crosstrek ($2,603 per year), the Chevrolet Trax ($2,629 per year), and the Honda Civic ($2,785).

On the other hand, which models had the highest depreciation rates?

Bought new, the Tesla Model S has a market-suggested retail price of between $76,630 and $91,630. But this car model also had the greatest yearly depreciation value in the study at $9,071. [12] Car and Driver, 2024 Tesla Model S, 2024 https://www.caranddriver.com/tesla/model-s

The Chevrolet Tahoe is not only the study’s most expensive car to run but has the 2nd highest depreciation value of $8,334 a year. And the RAM pickup which was the third most costly to run also has the 3rd highest depreciation value at $7,260 a year.

The common car models with the lowest depreciation values

Rank Brand Model Yearly Depreciation Value
1 Subaru Crosstrek $2,603
2 Chevrolet Trax $2,629
3 Honda Civic $2,785
4 Ford Maverick $2,826
5 Honda Accord $2,850
6 Toyota Corolla $2,943
7 Honda HR-V $2,974
8 Kia Forte $2,998
9 Hyundai Elantra $3,020
10 Toyota Camry $3,230

The common car models with the greatest depreciation values

Rank Brand Model Yearly Depreciation Value
1 Tesla Model S $9,071
2 Chevrolet Tahoe $8,334
3 RAM RAM Pickup $7,260
4 Ford F-Series $7,166
5 Chevrolet Silverado $7,109
6 Toyota Tundra $7,062
7 Tesla Model 3 $6,156
8 Ford Explorer $5,876
9 Chrysler Pacifica $5,761
10 Toyota 4Runner $5,303

The most and least expensive common cars on finance

According to a recent study by GOBankingRates, more than 40% of Americans have car payments. [13] Nasdaq, More Than 40% of Americans Have Car Payments: Here’s How Much They’re Paying, 2023 https://www.nasdaq.com/articles/more-than-40-of-americans-have-car-payments:-heres-how-much-theyre-paying The average annual finance option per month for a new car in the study was ​​$1,344 – and this ranged between $772 for a Kia Forte and $2,582 for a Tesla Model S.

You can find the least and most expensive monthly finance costs below:

The least expensive monthly finance costs

Rank Brand Model Monthly finance costs
1 Kia Forte $772
2 Chevrolet Trax $790
3 Hyundai Elantra $801
4 Honda Civic $865
5 Chevrolet Malibu $884
6 Toyota Corolla $893
7 Nissan Altima $907
8 Honda HR-V $910
9 Honda Accord $964
10 Toyota Camry $982

The most expensive monthly finance costs

Rank Brand Model Monthly finance costs
1 Chevrolet Tahoe $2,254
2 Lexus RX $1,742
3 RAM RAM Pickup $1,775
4 Toyota 4Runner $1,785
5 Chevrolet Silverado $1,777
6 Ford F-Series $2,092
7 Ford Bronco $1,645
8 Toyota Tundra $2,149
9 GMC Sierra $1,557
10 Chevrolet Traverse $1,427

Methodology

A list of the 50 best-selling cars in the U.S. was compiled from the following four sources: Carscoops, KBB, Car and Driver, and Visual Capitalist.

The car, depreciation costs, and finance costs were calculated using the calculator provided by the American Automobile Association (AAA). For the purposes of the study, a 50/50 highway-to-city drive ratio and 15,000 miles driven per year were used as out of the options (10,000, 15,000, and 20,000), this is the closest to the average miles driven in the USA according to Car and Driver.

According to the AAA FAQ on the online calculator, the depreciation value is defined as follows:

Depreciation is the difference between the vehicle purchase price and the estimated trade-in value at the end of five years at the designated miles driven per year. MSRP is different from the vehicle purchase price, which is the actual price paid for the vehicle and considers things like discounts and rebates.

Depreciation is vehicle specific. Certain vehicle types or specific models and configurations may depreciate differently depending on their popularity – which drives trade-in value. The depreciation values used are projections based on past trade-in and sales data for similar vehicles.

According to the AAA FAQ on the online calculator, the finance value is calculated as follows:

The finance cost is the amount paid in interest on the loan used to purchase a vehicle. Finance

costs are based on a five-year loan, with 15% down and a typical interest rate for the selected state. The loan amount includes taxes and the first year’s license fees.

A medium-price range trim for each car model was used in the study. The trim used for each model and the product source can be found in the following list:

Sources

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