The cost to own and operate a vehicle in the has broken an unfortunate barrier.
AAA’s Your Driving Costs study for 2023 found U.S. vehicle owners are now paying an average of more than $1,000 per month.
The report looks at the expense of fuel, maintenance/repair/tire costs, insurance, license/registration/taxes, depreciation, and finance charges across a range of popular models.
The annual cost of $12,182 is calculated using a five-year loan on a vehicle that is driven 15,000 miles per year as a basis.
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That’s up from $10,728 last year and $9,666, or $805.50 monthly, in 2021.
A 90% spike in financing rates to an average of $1,253 annually outweighed a small drop in fuel costs, while the price to charge an electric car has increased 2% since last year.
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It’s important for car buyers to clearly understand the costs associated with owning a new vehicle,†Greg Brannon, AAA’s director of automotive research, said.
“Due to global supply chain issues and constrained inventory of new vehicles, car prices rose dramatically in 2022. And while the situation continues to improve, the spillover effects are keeping prices high.â€