Additional findings in the 2019 Cost of Vehicle Ownership Trend Report include:
- The demand for SUVs has never been higher. Forty-eight percent of all car owners who bought new vehicles in 2018 chose SUVs for their next vehicle.
- In 2018, the average sale price for a used vehicle increased about 2.9 percent to $16,738. This increase was influenced by a stronger demand for small and midsize cars.
- Consumers should expect new car prices to increase about two percent in 2019. Higher new vehicle prices are a result of increased production costs for improvements, including more fuel-efficient engines and transmissions and lightweight body materials.
- The price of all new vehicles could be impacted if the U.S. enacts tariffs on auto parts. Analysts estimate that would add between $4,000 - $6,000 to the price of new vehicles.
- Vehicle owners should expect a slight decrease in residual vehicle values between 0.5 percent and one percent over the next 12 months.
- The overall cost to own and operate a vehicle should decrease from 0.6 percent to one percent over the next 12 months.
To access the full report, please visit: https://resources.motus.com/reports/motus-2019-cost-of-vehicle-ownership-report
Motus is the definitive leader in mileage reimbursement and driver management technologies for businesses with mobile workers and fleets of all sizes. Only Motus leverages deep insights captured across the world’s largest retained pool of drivers to calculate personalized and compliant vehicle reimbursements, keep drivers productive and safe, and ultimately maximize returns and minimize risk for all aspects of the mobile workforce. Motus’ expertise also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses. For more information about the company, please visit www.motus.com or connect with us on Twitter, Facebook, or LinkedIn.