1
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.