The annual cost of owning a vehicle in the US is 11% higher in 2022 and crosses the $10,000 mark

In 2022, the annual expense of owning and operating a new car in the United States increased 11% over the previous yeara cost that translates to $10,728 annually or $894 per month, according to a report from the AAA.

Is about a considerable increase from 2021when the average annual cost was $9,666 dollars a year or $805.50 dollars a month.

The document titled “Your 2022 Driving Costs” notes that gasoline prices experienced a “dramatic” increase in the first half of 2022, raising the cost of car ownership.

“High gas prices are not only changing Americans’ driving habits, but also the way they think about future car purchasessaid AAA spokesman Mark Jenkins.

For this year’s study, fuel costs were projected based on a weighted average of the first 5 months of 2022.

In addition, nine vehicle categories were evaluated, consisting of 45 models, to determine annual ownership and operating costs average for a new vehicle.

AAA selects the best-selling mid-priced models and compares them into six categories: fuel, maintenance/repair/tire costs, insurance, license/registration/taxes, depreciation and finance charges.

“Consumers are paying more attention to operating costs such as fuel, maintenance and insurance“Jenkins underlined what factors US drivers value most when purchasing a new vehicle.

This Thursday, the average price of gasoline nationwide fell from $4 dollars and it was located, for the first time in months, at $3.99 dollars per gallon, according to the AAA.

Gasoline vs Electric Vehicles

Regarding electric vehicles, the AAA indicates that the owner of this type of car you will spend about 4 cents per mile (1.6 kilometers) to recharge it at homewhile the owner of a fuel will spend an average of 18.4 cents per mile at a gas station.

Assuming they both drive 15,000 miles (24,000 kilometers) a year, it would cost about $2,700 a year for the gas vehicle and $600 a year to charge the electric vehicle, a difference of $2,100 dollars for a period of 12 months.

Beyond fuel economy, electric vehicles have the lowest maintenance, repair and tire costsaccording to the US industry organization.

AAA this year launched an online cost calculator, a tool that allows consumers to determine the general expenses of driving a vehicle.

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