what is the average cost of owning a pickup truck over the course of a year

How much does it cost to own a pickup truck?

That goes to SUVs which cost almost 10 cents a mile. Licenses and Registration: Combined, these averaged $753 per year. Based on an average of 15,000 miles driven annually pickups cost $10,839 per year to own. In comparison, a small sedan, which is cheaper to own than an EV, costs $7,114 a year on average.

What are the costs of owning a car?

Along with pride of ownership comes costs. And some of them aren’t as readily apparent as your loan payment, insurance bill, or fuel costs. Regular and unscheduled maintenance costs can take some time to surface. But perhaps the biggest single item that affects what you’ll pay over the time you own your vehicle is depreciation.

Why do truck loans cost $200 more a month?

That almost $200-more a month in payments comes from higher federal interest rates combined with higher truck prices. But there’s another reason. Loan packages typically go for 72-month periods.

How much does the average American pay for a car?

For example, the average Michigan resident pays $9,304.28 every year for their car, while the average Alaskan only pays $3,586.95.

How much does it cost to maintain a truck per year?

TRUCK MAINTENANCE COST The costs associated with truck maintenance can easily exceed $15,000 per year when you factor in all the parts at play, such as the brakes, alternators, wires, and air hoses.

How much does it cost to run a pickup truck?

Based on an average of 15,000 miles driven annually pickups cost $10,839 per year to own. In comparison, a small sedan, which is cheaper to own than an EV, costs $7,114 a year on average.

How much does it cost to own a vehicle per year?

For vehicles driven 15,000 miles a year, average car ownership costs were $9,666 a year, or $806 a month, in 2021, according to AAA. That figure includes depreciation, loan interest, fuel, insurance, maintenance and fees.

Are trucks expensive to maintain?

After surveying owners of 2011 models, Consumer Reports determined that both trucks cost owners roughly $250 in maintenance costs after 10 years of ownership. While that's slightly higher than the Chevy Silverado and the GMC Sierra, $250 in maintenance costs is not the kind of figure that's going to break the bank.

How much do trucks cost monthly?

You can expect to spend about $1,600 to $2,500 each month, depending on the company you lease from and what type of truck you choose. Many companies require little to no money-down on the truck so your upfront costs will likely be low.

What is the average monthly payment for a new truck?

What is the average car payment? As of 2021, the average monthly car payment in the U.S. is $575 for new vehicles and $430 for used vehicles.

What is the most expensive part of owning a car?

The six major costs of owning a carFuel. The average cost is $1,681.50, or 11.2 cents per mile. ... Finance charges. ... Depreciation. ... Insurance. ... Maintenance and tires. ... Licensing, registration and taxes.

What are the operating costs of owning a vehicle?

The total cost of owning and operating an automobile include fuel, Maintenance, Tires, insurance, license, registration and taxes, depreciation, and finance. Prior to 1985, the cost figures are for a mid-sized, current model, American car equipped with a variety of standard and optional accessories.

How much does the average person spend on car maintenance per month?

In 2017, AAA found that, on average, new vehicles cost $1,186 each year to maintain and repair....Maintenance.Monthly car loan payment, car insurance premium, fuel, maintenance$900.50Average monthly maintenance cost$99Total monthly cost of owning a car$999.50May 25, 2022

Which truck has the lowest maintenance cost?

10 of the Cheapest Trucks to Maintain2019 Ford F-150. Our list of the cheapest trucks to maintain goes in reverse order, starting with the 2019 Ford F-150. ... 2019 GMC Sierra. ... 2019 Chevrolet Silverado. ... 2019 Ram 1500. ... 2019 GMC Canyon. ... 2019 Toyota Tundra. ... 2019 Nissan Titan. ... 2019 Chevrolet Colorado.More items...•

Which pickup truck is the most reliable?

12 Most Reliable Used Pickup Trucks2018 Ram 1500 | Predicted Reliability: 83.2017 Toyota Tundra | Predicted Reliability: 84.2017 Nissan Frontier | Predicted Reliability: 85.2018 Chevrolet Silverado 1500 | Predicted Reliability: 86.2019 Ford F-150 | Predicted Reliability: 86.2019 Nissan Titan | Predicted Reliability: 89.More items...•

Do pickups last longer than cars?

Statistically, truck engines last longer than car engines. This goes back to the 50,000 extra miles a truck gets on average and the fact that a truck is twice as likely to hit the 200,000-mile mark than a car would.

How much does depreciation increase on a car loan?

Annual interest on a car loan increases nearly $200. Depreciation, a measure of how quickly a vehicle loses value, increased $45 to $3,334 per year, on average. While depreciation remains the single biggest cost of ownership, rates grew more slowly than last year – meaning vehicles held their value somewhat better.

Can you tell what you paid for your car?

Most drivers can tell you what they paid for their car and maybe even what it costs to keep the gas tank full. But the true annual costs of new vehicle ownership are trickier to track.

Can you get special discounts if you belong to AAA?

Your insurance costs will likely be less, too. If you belong to AAA or a similar organization, you may qualify for special discounts. Dealers sometimes agree to limit profits when selling to club members, though the deals may be limited to certain makes and models.

Calculate the Cost of Owning a Car

The Edmunds Inc. True Cost to Own ® (TCO ®) pricing system calculates the additional costs you may not have included when considering your next vehicle purchase. These extra costs include: depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance, and repairs. Search here to view the TCO ® of any vehicle.

Car Depreciation Calculator

The Edmunds True Cost to Own® (TCO®) calculator is a tool that looks at the 5-year costs of owning a vehicle, including some you might not have considered. These extra costs include depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance and repairs. Search here to view the TCO® of any vehicle.

True Cost to Own FAQs

Total cost of ownership, or TCO, is the purchase price of an asset plus its costs of operation, according to Investopedia. It's a more holistic way of looking at what a product actually costs you.

Lowest 5-Year Cost to Own by Class

Sorry, currently there is no 5-Year Cost to Own data for this vehicle class. Please check back soon.

Don't Get Stuck, Choose Wisely

Let's say you're in the market for a new car and you’ve narrowed your list down to two cars: Car A and Car B. They even have the same price. So how do you choose?

How much does it cost to own a car in 2021?

Published on February 15, 2021. 3 min read. Share Article. According to our data, it costs roughly $5,264.58 every year to own a car in the United States. This includes the average costs for car payments, gas, car insurance, and replacement parts across every state in the country—some of which have much higher costs than others.

How much does it cost to own a used car?

Even the cheapest used car you can find will need insurance, fuel, and routine maintenance. That said, there are some states where it costs less than $5,000 on average to own a car and keep it running for a year. Here are the states where car ownership costs the least.

How much does Wyoming pay for a car?

This makes them the Americans that drive the most. Fun fact: since the average Wyoming resident pays an average of $5,216.54 annually to own a car, they pay about 24 cents for every mile they drive.

What is the average gas price in 2008?

While this might not seem too bad to anyone who remembers 2008, it’s currently the highest in the country, and it's almost exactly a dollar higher than the national average of $2.40. Washington and Oregon also had some of the highest fuel costs in the country with average gas prices set at $2.82 and $2.69, respectively.

Why is a car a must have?

A car is basically a must-have for any American adult. This is partly because many American cities were designed or updated with cars in mind . Additionally, public transportation in US cities is far less developed and accessible than cities in other countries with comparable wealth, geography, and population density. 1

Who is Joe Roberts?

Joe Roberts is a professional writer with a degree in writing studies and over three years of copywriting experience. He previously worked at Overstock.com, where he wrote about furniture, home decor, and moving. Joe has moved all over Utah, so he knows his way around a moving truck—and he spends his time (and money) expanding his personal library so it will be even heavier next time he moves.