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AAA: Annual cost of vehicle ownership tops $10K

According to AAA's research, owners of small sedans and electric vehicles spend the least to operate their cars.

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.

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Brittney Meredith-Miller

Brittney Meredith-Miller

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

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