New Vehicle Cost Rises

Photo: Ford, Brad

Photo: AAA

The average yearly cost to own and operate a new vehicle in 2022 is $10,728, or $894 per month, according to new research from AAA. This is up more than $1,000 from 2021, when the average yearly cost was $9,666 or $805.50 per month. Not surprisingly, fuel prices are the most significant factor pushing this year’s average annual price tag.

This year’s AAA Your Driving Costs study shows that the least expensive vehicles are small sedans at $8,184 per year and electric vehicles at $9,048 per year. The two most expensive categories are half-ton pick-ups at $12,932 per year and medium SUVs at $11,305 per year.

The overall average MSRP of all vehicles studied is $33,301. (AAA does not cover sports cars, luxury cars, or high-end models in the Your Driving Costs study.)

Find details of the study in the fact sheet. AAA has been providing information on the average costs of owning and operating a new vehicle every year since 1950.

New this year, AAA launched an online Your Driving Costs calculator. This interactive tool lets you determine the ownership costs of a vehicle. You customize the results by your location and driving habits. Data is available for new and used vehicles going five years back.

AAA evaluated nine categories of vehicles – consisting of 45 models – to determine a new vehicle’s average annual operating and ownership costs. AAA selects top-selling, mid-priced models and compares them across six categories: fuel, maintenance/repair/tire costs, insurance, license/registration/taxes, depreciation, and finance charges. The study assumes a five-year ownership period, with the vehicle being driven 15,000 miles/annually (a total of 75,000 miles).

Find the complete breakdown of costs per vehicle here.

Source: AAA

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