AAA says annual cost to own and operate a new car is now over $10K

Published: Sep. 25, 2022 at 5:25 PM CDT|Updated: Sep. 25, 2022 at 10:08 PM CDT
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BIRMINGHAM, Ala. (WBRC) - It’s costing more to own and operate a new car. According to AAA, the average cost is over $10,000 a year.

Of course, each car or truck is going to vary depending how much you drive.

Since 1950, AAA has released the Your Driving Costs study every year.

In 2021, the average yearly cost to own and operate a new vehicle was $9,666 or $805.50 per month. This year, it jumped to $10,728, or $894 per month.

In the study, AAA says the categories that go into the costs include fuel, financing, insurance, depreciation, license, registration, and even maintenance and repairs. As we all know, costs on everything have gone up this year which adds to price tag.

Clay Ingram with AAA Alabama says these prices are similar to gas prices because they fluctuate.

“When these computer chip shortages get resolved and the price of those come back down and then the price of new cars can come back down a little bit and then the price of used cars will come back down and when crude oil prices come down, our tires should cost a little bit less,” he explained.

This year, they launched a new online calculator so you can figure out your specific costs if you’re wanting to purchase a new car. It can be found here.

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