Owning and operating a new vehicle has become increasingly more expensive over the past year, driven predominantly by inflation and rising fuel prices, according to AAA’s annual “Your Driving Costs” report. The average cost of owning and operating a new vehicle has risen to $9,065 annually, up $245 from last year. This is the highest figure reported since AAA began tracking this data in 1950.
Cost to Operate a New Automobile in 2022
The overall average cost to own and operate a new automobile in 2022 is $10,728 on an annual basis or $894 per month; that’s a considerable increase from 2021, when owning a new car cost $9,666 annually, or $805.50 per month, according to AAA.The increase in costs is largely due to inflation and rising fuel prices, which have increased by more than 20 percent since the beginning of 2019. Drivers are also paying more for their cars as new models with advanced technology hit the market, including self-driving and electric vehicles.
