A study by AAA says the annual cost of owning a vehicle is on the rise.

According to AAA, finance costs on new car purchases have jumped 24% in 2019.

That increase moves the annual cost of owning a vehicle to $9,282 or $773.50 a month.

AAA says that is the highest cost associated with new vehicle ownership since they began tracking expenses in 1950.

According to the release, finance charges rose from $744 to $920.

AAA says long-term loans are becoming increasingly common, leaving car buyers paying more for a more extended period while vehicles lose value.

The new figures review nine categories of vehicles with 45 models included to determine the average annual ownership costs.

Six expense categories were used:

  • Fuel prices
  • Maintenance/repair/tire costs
  • Insurance rates
  • License/registration/taxes
  • Depreciation
  • Finance charges

According to AAA's analysis, the annual average costs increased in each of the six categories.