How much does it cost to have a car in 2021?

New car. You know that the cost of owning a car is more than just paying for the vehicle itself. But what are you considering ALL the costs?

How much are you paying to drive your car?

AAA’s recent report, Your Driving Costs, shows the average costs of driving your vehicle in 2021. Here’s how expenses are broken down:

  • Operating costs: cost per mile, fuel and maintenance
  • Cost of ownership: cost of comprehensive coverage insurance, license, registration, and taxes
  • Total cost: operating + ownership

New car. The study found that midsize trucks like the Chevrolet Colorado, Ford Ranger and Honda Ridgeline are the cheapest to own. Their median annual cost: $ 6,178. A midsize SUV like the Subaru Outback, Jeep Grand Cherokee, and Toyota Highlander cost their owners $ 9,968 a year at best.

To arrive at these figures, AAA analyzed the detailed driving costs of the 2021 best-selling models in nine vehicle categories. Below, you will see the average annual cost for the vehicle categories selected by AAA. The figures below apply to people who drive 15,000 miles per year. You should know more about owning a new car.

Here’s how much it costs you to own these cars per year

Vehicle CategoriesAverage Total Cost Per Year
Small Sedan$ 7,230
Median Sedan$ 9,366
Subcompact SUV$ 8,017
Compact SUV (front-wheel drive)$ 8,494
Medium SUV (4 × 4)$ 9,968
Midsize pickup$ 6,178
1/2 Ton Crew Cab Pickup$ 7,844
Hybrid vehicle$ 6,803
Electric vehicle$ 7,589

How do you know how much your new car really costs?

New car

AAA has created many mathematical formulas to help you calculate how much your car is costing you during the year. To find out, you will need:

  1. Monitor all expenses related to your car, including gasoline, maintenance costs and insurance.
  2. Write down the number of miles on your odometer each time you fill up on gas and how much you pay for fuel.
  3. Analyze these numbers to find the cost per mile, operating expenses, and costs of ownership.

Costs to buy a new car

Take a look at AAA’s Your Driving Costs study for a better picture of finding your costs.

Final notes

Due to today’s distorted auto market, finance expert Clark Howard says now is not the time to buy a new or used car. “If you can avoid it, don’t change your car. Keep it,” he says.

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