- The average cost to own and operate a new car this year is $10,728 per year, per AAA.
- Ownership costs are up 11% from last year.
- Vehicle prices are also up as manufacturers struggle to keep up with demand.
The average cost to own and operate a new car in 2022 has soared about 11% since last year to $10,728 per year (just under $900 per month), according to AAA’s annual “Your Driving Costs” report.
The report factors in costs such as fuel, depreciation, insurance and maintenance to find total annual operating expenses.
“You’re usually focused on the purchase price and that is not the whole story. Not even close,” said Greg Brannon, director of automotive engineering for AAA. “I think ($10,000 is) a number that will surprise a lot of people.”
The study, released earlier this month, does not account for used car prices.
Why is owning a car so expensive right now?
High fuel prices have pushed car ownership costs up this year.
While regular gas prices have been dropping since mid-June, they remain elevated compared to previous years. The national average as of Wednesday was $3.94 per gallon, up more than $1 per gallon compared with August 2019 and 2020.
“We’re all feeling that at the pump,” Brannon said. “That is driving a big piece of (the annual price increase), and particularly with Americans’ desire to drive things like pickup trucks that don’t get good fuel economy.”
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