This is now how much it costs the average car owner every month to own and operate a vehicle
The average car owner spent $12,182 to drive last year, according to a new study from AAA. That figure — $1,015 a month – is a sharp increase over 2022’s total of $10,728, or $894 monthly.
AAA’s Your Driving Costs study looks at monthly payments, fuel costs, and depreciation.
“It’s important for car buyers to clearly understand the costs associated with owning a new vehicle,” said Greg Brannon, AAA’s director of automotive research. “Due to global supply chain issues and constrained inventory of new vehicles, car prices rose dramatically in 2022. And while the situation continues to improve, the spillover effects are keeping prices high.”
High sticker prices and high finance costs drove the increase.
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The cost of fueling a gas-powered car actually decreased this year, AAA finds, as gas prices have come down from the highs of last summer. “This year’s average cost per mile has decreased by roughly 2 cents,” AAA says.
EV owners saw their fuel costs rise by the same two cents, “from 13.9 cents per kWh to 15.8 cents per kWh. The increase is likely accounted for by higher-than-expected inflation,” the organization says.
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Unsurprisingly, full-size trucks prove the most expensive vehicles to own month-to-month. “Pickup trucks excel at hauling and towing, although many buyers do not use them for these purposes. Potential buyers should remember that the unique capabilities of pickups come at a high cost of over $1 per mile,” AAA writes.
This story originally ran on KBB.com.
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