The annual cost of owning and operating a new car ballooned nearly 11% in the past year to $10,728 — or $894 per month — according to AAA’s Your Driving Costs study.
That represents a considerable hike from 2021, when it cost an estimated $9,666, or $805 per month, to own a new car. Costs normally don’t rise that dramatically year over year: In 2021, annual new car ownership costs rose 5% over 2020′s figures, according to AAA.
The costs of all goods and services in the U.S. is up 8.5% year over year, according to the Bureau of Labor Statistics, and gas prices rose a whopping 44% over the same period. National pump prices have eased to an average of $3.95 per gallon , which is still considerably higher than the $3.18 a gallon in August 2021.
AAA evaluated 45 top-selling midpriced vehicles across six categories. While insurance prices saw larger increases in 2022, other ownership costs rose more modestly:: $1,588 a year .: 9.68 cents per mile .
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