TEMECULA – It’s going to cost more for those looking to buy a new car this year. Finance costs on new car purchases have jumped 24% in 2019, according to new AAA research, pushing the average annual cost of vehicle ownership to $9,282, or $773.50 a month. That’s the highest cost associated with new vehicle ownership since AAA began tracking expenses in 1950 and a reminder that the true costs of owning a vehicle extend far beyond maintenance and fuel.
“Finance costs accounted for more than 40% of the total increase in average vehicle ownership costs,” Pat Moody, manager of public affairs for AAA Northern New England, said. “AAA found finance charges rose more sharply in the last 12 months than any major expense associated with owning a vehicle.”
The spike in finance char