A person in a suit pumps gas into their vehicle. In July 2022, the average transaction price (ATP) of a new vehicle was $48,182, according to Kelley Blue Book. (Credit: jdjana/iStockphoto.com)

Drivers have shelled out almost $90 more per month to own and operate their vehicles in 2022 than they did in 2021, according to the latest research from AAA. In 2021, the average annual cost to own and operate a vehicle was $9,666, or $805.50 a month. The rising cost of things like fuel and maintenance have driven this figure to $10,728, or $894 a month, in 2022.

The cost of purchasing a vehicle has also climbed over the last couple of years. In July 2022, the average transaction price (ATP) of a new vehicle was $48,182, according to Kelley Blue Book. This is an increase of 11.9% from July 2021. This jump can largely be attributed to inventory shortages and supply chain issues. Increased prices for vehicles and replacement parts have also driven auto insurance premiums upward, putting even more of a financial strain on drivers.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

More from this author

Dig Deeper

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.