By Amy Schatz and Jennifer JacobsSeptember 29, 2018 9:24PMA new study shows the costs of owning a car vary widely based on the size of the car, and the average price paid by consumers is more than twice as high as the average cost of owning gas.
The research by the nonprofit, nonprofit advocacy organization, and technology company Avalere shows that while the average car owner in the U.S. makes more than $100,000 a year, the average for a passenger vehicle is just $28,000.
The Avalere study was released this week, and it’s a clear reminder that owning a new car is not the same as paying for it.
While many people would think that the costs associated with buying a new vehicle would drop if they could, the Avalere report says the costs will actually rise.
The study found that a typical new car sold in the United States will run $80,000 or more, which is $3,800 more than the average vehicle bought in the past decade.
That means a new driver is paying more than half of the total price of a car.
The other part of the equation is how much the average consumer is paying for the fuel used.
The study shows that the average driver pays about $2,400 for a gallon of gas, compared to about $1,000 for a comparable fuel used by a passenger car.
When you buy that vehicle, the remainder will fall off the price tag, but the consumer will have to bear the costs.
The average price of gas for a single-family home was $2.83 per gallon in the third quarter of 2018, down from $3.25 in the first quarter.
The median price of gasoline in the fourth quarter of 2019 was $3 per gallon, down about $400 from the fourth quarters of 2018.
The average price for a full-sized truck and trailer in the fifth quarter of 2020 was $4.65 per gallon.
In the latest quarter, the median price for gasoline was $5.35 per gallon at the pump, down slightly from $5 per gallon the previous quarter.
That’s because consumers were paying less to fill up at the pumps.
The data is also interesting to note that a new owner who bought a gas-powered vehicle last year could see his or her car pay for itself within two years.
The report found that the cost of gasoline and other fuel was less than half the cost for a new model car.
The cost of a new truck was about $13,000, compared with a new SUV costing $50,000 to $75,000 in the second quarter.
The savings for a vehicle that costs $60,000 could be significant for a car buyer.
But even if a new buyer bought a vehicle and paid for it with gas, he or she could find that the vehicle would be too expensive to replace.
A new car will cost about $7,500 to replace if it needs new tires, wheels, and a new engine.
Avalere found that buying a used car can cost about twice as much to replace than buying a brand-new one, but if you use the new vehicle to get around town, you’ll save an average of $2 per month.
That difference could save a new parent $30,000 on gas alone.