Average Cost of Owning and Operating an Automobile (2024)

FAQs

How much does it cost to own and operate an automobile? ›

Owning a car costs an average of $10,728 per year or $894 per month. The cost of owning and maintaining increased by 10% from 2021 and crossed the 10K mark in 2022. The costs of owning a car go beyond the purchase price.

The total cost of owning and operating an automobile include fuel, Maintenance, Tires, insurance, license, registration and taxes, depreciation, and finance.

2022 Year-in-Review

On average, it costs $0.72 per mile to operate and maintain a new vehicle in 2022, assuming the owner drives it 15,000 miles per year. The per-mile cost of owning an automobile has remained the same since 2020 – at $0.44 per mile.

When you take into account loan interest, depreciation, fuel, insurance, maintenance and fees, the cost of owning a car makes a big leap. For new vehicles driven 15,000 miles a year, average car ownership costs were $12,182 a year, or $1,015 a month, in 2023, according to AAA.

Owning costs = purchase price of machine + financing + taxes – disposal price (what you get for that machine when you resell it). Operating costs = labor + fuel + maintenance + replacement costs of tires, tracks and other components + overhead. Add the owning to the operating costs and you have your O&O costs.

Car insurance is one of the biggest expenses associated with vehicle ownership. Car insurance premiums are personalized to each individual, based on factors like: Age: Generally, teenagers and people in their 20s pay the highest insurance premiums.

Is It Cheaper Not to Own a Car? Yes, it is cheaper not to own a car. You will save money on the cost of a car, interest if there would have been a loan involved, gas, insurance, and maintenance.

A 2022 AAA study estimates that the average car owner pays 9.68 cents per mile for maintenance and repairs over a five-year period — about $1,300 annually.

The wear and tear include the cost of repairs, maintenance, and replacement of parts due to usage. This means that the wear and tear on your car is $0.10 per mile. Another way to think about this is: Fuel + oil changes + new tires + other maintenance/repairs + depreciation = wear and tear per mile.

What's the most sold car in America? ›

Figures are based on estimates by EVadoption.com. The Ford F-Series maintained its spot as the best-selling vehicle in America for over four decades straight. Of the two million cars that Ford sold last year, nearly 40% were of the F-Series.

Owner operators' average rate per mile depends on factors such as the type of freight being transported, the distance traveled, market demand, fuel prices, and operating costs. However, as a rough estimate, owner operators typically aim to earn between $1.50 to $2.00 per mile on average.

How much does a Tesla self driving car cost? In the US, a Tesla Model 3 Standard Range Plus with the Full Self-Driving option costs about $47,990 + $1,200 destination and documentation fee and sales tax. FSD is $10,000 of that cost.

For a car that sells for $5,000, the manufacturer can make about $2,500 in profits, leaving the cost of manufacturing at about $12,500. Porsche – Most Porsche cars sell for between $50,000 and $150,000.