Car costs have risen to over $10k annually. Why prices have increased.
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.”
