Many retirees choose SUVs for their higher seating position, better visibility and easier entry and exit than sedans. But they have also become more expensive to own. AAA estimated the average cost to own and operate a new vehicle is more than $11,500 per year once insurance, fuel, maintenance and depreciation are included. For retirees living primarily on Social Security, costs like that can strain a fixed budget.
“When you’re living primarily on Social Security, you have to be extremely careful about big purchases you make because every dollar matters,” said Melanie Musson, insurance and finance expert at Clearsurance.com.
