ORLANDO, Fla. -

Experian Automotive’s second-quarter data pegged the average monthly payment for a new vehicle at $550. That’s $25 higher than a year ago.

That climb figured in part to new AAA research showing that average annual cost of vehicle ownership jumped 24% to $9,282, or $773.50 a month. That’s the highest cost associated with new vehicle ownership since AAA began tracking expenses in 1950 and a reminder that the true costs of owning a vehicle extend far beyond maintenance and fuel.

“Finance costs accounted for more than 40% of the total increase in average vehicle ownership costs,” said John Nielsen, AAA’s managing director for automotive engineering and repair. “AAA found finance charges rose more sharply in the last 12 months than any major expense associated with owning a vehicle.”

According to a news release, AAA explained the spike in finance costs – which rose from $744 to $920, a nearly $200 increase — was fueled by rising federal interest rates and higher vehicle prices. AAA pointed out the rise comes as 72-month retail installment contracts have become increasingly common — meaning buyers are paying more, and longer, for vehicles that lose value the moment they’re sold.

AAA found that, on average, every 12 months added to the contract term adds nearly $1,000 in total finance charges.

“Smaller monthly payments may be tempting to potential buyers, but they can add big costs in the long run,” Nielsen said.

The new figures come from what AAA dubs the study, “Your Driving Costs,” which reviews nine categories of vehicles — consisting of 45 models — to determine the average annual operating and ownership costs of each. AAA focuses on top-selling, mid-priced models and compares them across six expense categories, including:

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

Annual average costs increased in each category, according to AAA.

Analysts shared several other key findings from their latest research.

• Average fuel cost rose to 11.6 cents per mile, 5% higher than last year. The per-mile increase was driven by gasoline prices, which are up 15.6 cents per gallon over the timeframe covered by the study. Electricity prices for EV charging also rose 0.1 cent per kilowatt-hour (0.08%), but the market share of the electric vehicles in the study (0.48%) makes the effect of this increase on the overall average fuel cost negligible. Fuel costs vary widely by vehicle type, ranging from a low of 3.65 cents per mile for electric vehicles, to 15.67 cents per mile for pickup trucks.

• Average maintenance and repair costs climbed marginally to 8.94 cents per mile, up 8.9% over last year. The increase was fueled by the growing complexity of vehicle systems and an updated methodology for calculating repair costs.

• Electric vehicles had the lowest maintenance and repair costs – 6.6 cents per mile – while medium-sized SUVs had the highest at 9.6 cents per mile.

• The cost of licenses, registration fees and taxes rose $14 to $753 per year, an increase of 1.9%.

AAA also shared this breakdown of the average annual costs by new vehicle category, based on 15,000 miles driven annually:

— Small sedan: $7,114

— Hybrid: $7,736

— Electric: $8,320

— Small SUV: $8,394

— Medium sedan: $8,643

— Medium SUV: $10,265

— Large sedan: $10,403

— Pickup: $10,839

AAA’s Your Driving Costs study employs a proprietary AAA methodology to analyze the costs of owning and operating a new vehicle in the United States. The methodology incorporates standardized criteria to estimate the costs of using a new vehicle for personal transportation over five years and 75,000 miles of ownership.

“Your Driving Costs is designed to help consumers make informed vehicle purchase decisions and budget for annual automotive expenses,” AAA said.

Additional information and details can be found at AAA.com/YourDrivingCosts.