Page 5 - AAA Magazine – Ohio Auto Club – November 2022

Annual Cost to Own a Vehicle Soars
The average yearly cost to own and operate a new vehicle in 2022 is $10,729, according to AAA’s latest Your Driving Costs study. This marks a considerable increase from 2021 when the average yearly cost was $9,666. Not surprisingly, fuel prices are the most significant factor pushing this year’s average annual price tag.
“Consumers are paying more attention when purchasing a new vehicle since everything is more expensive right now,” said Greg Brannon, AAA’s director of automotive
engineering. “With the recent increase in fuel prices,
more and more people want to know the true costs
of owning a car beyond their monthly payment.”
New Tool to Calculate Your Driving Costs:
To help consumers determine the real cost of vehicle ownership, AAA has published its annual
Your Driving Costs study since 1950. This annual analysis looks at the most popular vehicle models
to calculate ownership costs across several areas, including depreciation, finance, fuel, insurance, license/registration/taxes and maintenance/repair/tires. These are then combined and averaged to determine the overall average cost to own and operate a vehicle.
New this year, AAA launched an online Your Driving Costs Calculator to provide an interactive and personalized breakdown for consumers. This online tool allows users to view comprehensive cost analyses of new and used vehicles to determine ownership costs that best align with their budget.
For comparison, the average yearly costs to own and operate various 2022 vehicle models, from least to greatest, include:
Small Sedan.............................................$8,184 Electric Vehicle .......................................$9,048 Subcompact SUV...................................$9,246 Compact SUV..........................................$9,325 Hybrid Vehicle.........................................$9,691 Medium Sedan........................................$10,351 Midsize Pickup........................................$10,537 Medium SUV............................................$11,305 1⁄2 Ton/Crew-Cab Pickup......................$12,932
To access this calculator, visit AAA.com/autorepair/drivingcosts.
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