Considering insurance, gas, maintenance and repairs, most drivers are well aware of how expensive cars are to buy and maintain. In fact, the average cost to own and operate a new vehicle is $9,282 a year, according to an annual study by AAA. However, the largest expense that comes with buying a new car largely falls under the radar, the automotive group said.

How much does a new car depreciate?

Of all costs, depreciation, a measure of how quickly a car loses value, remains the single biggest cost of ownership, accounting for more than a third, or 36%, of the average annual cost, according to AAA. New cars typically depreciate the minute you drive off the lot. By the time it's a year old, the vehicle has lost nearly one-third of its value, according to Edmunds data. The secret to minimizing depreciation costs: "Keep your car for a long time and keep it well-maintained or even consider buying a quality, pre-owned vehicle," said Robert Sinclair, a spokesman for AAA Northeast. More from Personal Finance:

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Car shoppers should avoid this risky loan

Prepare for sticker shock if you haven't shopped for a car lately For those currently car shopping, in addition to the purchase price and the rate you'll pay to finance a car, consider the length of time you plan to own your car, Sinclair advised. New car buyers who stretch a car loan over five, six, or even seven years may effectively lower their payments, but owners may end up owing more than the vehicle is worth.

How to avoid car depreciation