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YOUR DRIVING COSTS 2022
How Much Does it Really Cost to Own a New Car?
Buying a car is one of the biggest purchases a person will make in their lives. Before embarking on the car
buying journey, it’s important to understand how much it will cost beyond the sticker price. Since 1950, AAA
has published its annual Your Driving Costs study that looks at the most popular models on the market and
breaks down the cost of owning a new car including depreciation, finance, fuel, insurance, license/registration/
taxes and maintenance/repair/tires.
2022 Costs Broken Down
AAA uses five top-selling models in each of nine vehicle
categories to calculate ownership costs across a number of
areas. These are then combined and averaged to determine
the overall cost to own a new car in 2022.
The overall average cost to own and operate a new car in 2022
is $10,728.
Category Costs
The costs for each of these categories as listed below are an average calculated over five years and 75,000 miles.
Average Ownership Costs Per Mile
Miles per Year 10k 15k 20k
Average Cost 76¢ 72¢ 70¢
Average MSRP of a new car: $33,301
Cost Description
Depreciation
$3,656 loss in
value/year
Based on the dierence between new-vehicle purchase price & estimated trade-in
value at the end of five years & 75,000 miles.
Finance
$658/year
Based on a 5-year loan, with 10% down, at the national average interest rate. Includes
taxes & the first year’s license fees (national average).
Fuel
17.99¢/mile
Based on average prices for a 12-month period ending 5/22. During this time, regular
grade gas averaged $3.999/gallon. Electric vehicle charging costs are based on a rate
of 13.9 cents/kilowatt hour.
Insurance
$1,588/year
Based on a full coverage policy for personal use of a vehicle by a driver who is under
65 years of age, has more than 6 years of driving experience, no accidents & lives in
the suburbs or city.
License, Registration
& Taxes
$675/year
Includes all government taxes & fees payable at time of purchase, as well as annual
fees to keep the vehicle licensed & registered (national average).
Maintenance, Repair
& Tires
9.68¢/mile
Includes retail parts & labor for routine maintenance specified by the vehicle
manufacturer, a comprehensive extended warranty, repairs to wear-and-tear items
that require service during 5 years of operation & one set of replacement tires.
YOUR DRIVING COSTS | 2022 2
Costs by Vehicle Category
For a full break down of costs per vehicle, click here.
Cost Highlights
Small Sedan
54.56¢/mile Least expensive overall costs, which makes them attractive to first-time buyers
Medium Sedan
69.01¢/mile Middle of the pack for overall costs, however, most expensive to insure
Subcompact SUV
61.64¢/mile
Third lowest for depreciation, which is the single biggest expense of
owning a new vehicle
Compact SUV
62.17¢/mile Lowest to insure & are a popular choice among car buyers
Medium SUV
75.37¢/mile Second most expensive to own & operate
Mid-size Pickup
70.25¢/mile Third-highest overall driving costs
Half-Ton Pickup
86.21¢/mile Highest overall driving costs
Hybrid
64.61¢/mile Second least expensive for fuel & maintenance costs
Electric
60.32¢/mile
Least expensive for maintenance, repair & tire costs, fuel and licenses,
registration & taxes; highest for depreciation
How to Calculate Your Own Driving Costs
You can determine the driving costs of your vehicle by visiting the AAA online Your Driving Cost
Calculator. From here, select desired state, annual mileage and driving ratio that represents your
normal driving habits, and vehicle year/make/model & trim.
Methodology
AAA uses a proprietary methodology to calculate the costs of owning and operating a new car in the
United States. Data is gathered from a variety of sources including Vincentric LLC, and incorporates
standardized criteria to estimate the costs of using a new vehicle for personal transportation
over five years and 75,000 miles of ownership. The use
of standardized criteria ensures AAA estimates are
consistent when comparing the driving costs of
dierent vehicle types. Actual driving costs
will vary based on driving habits,
location, operating conditions
and other factors.
