In 2024, the total cost of owning and operating a new car in the US was approximately $0.82 per mile,
according to the AAA's annual "Your Driving Costs" report. This figure is based on a five-year ownership period with 15,000 miles driven annually. The total cost includes factors such as: - Fuel The average driver paid around 14.9 cents per mile for regular unleaded gas, based on a 12-month period ending May 2024.
- Maintenance, Repair, and Tires: The average cost for these was 10.13 cents per mile.
- Insurance: The average cost was $1,715 per year.
- License, Registration, and Taxes: The average cost was $815 per year.
- Depreciation: This was the most significant cost, averaging $4,680 per year, or 31.2 cents per mile.
- Finance Charges: The average cost was $1,332 per year, or 9.8 cents per mile.
It's important to remember that these are national averages, and the actual cost of owning and operating a car can vary considerably depending on factors like location, driving habits, vehicle type, and insurance coverage. For instance, AAA statesthat hybrid vehicles have lower ownership costs compared to other types, and NerdWallet points out that electric vehicles can have significantly lower fuel costs than gasoline-powered vehicles. You can use online calculators, like the one offered by AAA, to estimate the costs more accurately for your specific circumstances.
