AAA says new car ownership is expensive these days. Here’s why

When is the last time you bought a new car?

Have you ever bought a new one, or have you always just stuck to buying lower-priced used cars that seem new?

A new study by AAA Northeast states that buying a new car in the U.S. these days is pretty expensive, more pricey than it has been in a long time.

“Buying a new car can be exciting, but new car ownership is increasingly out of reach for many as costs rise,” Mark Schieldrop, senior spokesperson of AAA Northeast said in a written statement. “While many buyers focus on the monthly payment to determine if a new vehicle is affordable, they might not be considering the true total cost of ownership when buying a new vehicle. As vehicles become more expensive, it’s important to factor all ownership costs into your monthly and annual budget. Obtaining pre-approval from a financial institution before walking into the dealership can be an effective negotiation tool as well.”