Average Cost Of New Cars Down

March 19, 1998 / 9:52 AM EST / AP

Good news for motorists.

The average cost of owning a new car may be down for the first time in more than ten years.

The research firm IntelliChoice says it's going to cost about $37,000 dollars to buy a new car and drive it for the next five years. The price includes depreciation, fuel, financing, maintenance, repairs and state fees, according to the firm. IntelliChoice says cars are also better built these days. Many models can now go 100,000 miles before they'll need major maintenance.

The estimate, while even with last year, was based on gasoline prices at $1.22 per gallon. But fuel prices since have fallen to less than $1 per gallon in many states. That means the real cost of owning a vehicle is probably down for the first time since IntelliChoice began tracking such data in 1987, IntelliChoice President Peter Levy said Wednesday.

This year, the company names the Honda Accord as the best car value under $20,000. It rates the Mercedes-Benz C-280 sedan as the best car value over $20,000.