American drivers spend an average of $5,851 per year on car ownership costs beyond their monthly loan payments, according to research from Insurify. Full-coverage auto insurance represents the largest share at $2,237 annually, followed by gasoline at $2,126 and maintenance or repairs at $1,488. Since July 2019, new car prices have risen by 34% and used car prices by 29%, while auto insurance premiums have jumped by 50%, well outpacing overall inflation at 30%. Average monthly loan payments stand at $765 for new cars and $542 for used cars.
Source: Read the original article
