According to a recent study conducted by AAA, the average car owner spent a total of $12,182 on driving expenses in the past year. This amounts to a significant increase compared to the previous year’s total of $10,728. On a monthly basis, car owners are now spending about $1,015, up from $894 in 2022.
The comprehensive study by AAA, titled “Your Driving Costs,” takes into account various factors such as monthly payments, fuel costs, and depreciation. It aims to provide car buyers with a clear understanding of the financial implications of owning a new vehicle.
Greg Brannon, the Director of Automotive Research at AAA, emphasizes the importance of being aware of the costs associated with purchasing a new car. He notes that the dramatic rise in car prices during 2022, driven by global supply chain issues and limited inventory, has contributed to this increase. While the situation is gradually improving, prices remain high due to these lingering effects.
One surprising finding from the study is that the cost of fuel for gas-powered cars has actually decreased compared to last year. This trend can be attributed to the drop in gas prices since the peak of last summer. AAA states that the average cost per mile for fuel has decreased by approximately 2 cents.
In contrast, electric vehicle (EV) owners have experienced a slight increase in fuel costs. The cost per kilowatt-hour (kWh) rose from 13.9 cents to 15.8 cents. This rise in electricity prices can be partially attributed to higher-than-expected inflation.
Notably, full-size trucks are identified as the most expensive vehicles to own on a monthly basis. While these trucks offer exceptional hauling and towing capabilities, their unique features come at a significant cost of over $1 per mile.
Overall, the study highlights the escalating costs of car ownership and provides valuable insights for potential car buyers. It encourages individuals to consider the financial implications before making a purchase.