Auto Draft

The cost of having a vehicle in the US increases by 11%

The annual expense of owning and operating a new car in the United States in 2022 is up 11% from the previous year, and in Florida it is an additional 5 percentage points higher, according to the American Automobile Association (AAA).

The AAA report “Your Driving Costs 2022” details that this cost is $10,728 per year or $894 per month in the country and $11,279 in Florida, 5% more than the average for the country as a whole, according to a statement released this Thursday by AAA.

“High gas prices are not only changing Americans’ driving habits, but also the way they think about future car purchases,” said AAA spokesman Mark Jenkins.

“Consumers are paying more attention to operating costs such as fuel, maintenance and insurance,” he outlined what factors US drivers value most when purchasing a new vehicle.

AAA indicates that gasoline prices experienced a notable increase in the first half of 2022, driving up the cost of car ownership.

For this year’s study, fuel costs were projected based on a weighted average of the first 5 months of 2022.

Regarding electric vehicles, the AAA indicates that the owner of this type of car will spend about 4 cents per mile (1.6 kilometers) to recharge it at home, while the owner of a gas-powered car will spend an average of 18 .4 cents per mile at a gas station.

Assuming they both drive 15,000 miles (24,000 kilometers) a year, it would cost about $2,700 a year for the gasoline vehicle and $600 a year to charge the electric vehicle, a difference of $2,100 over a 12-month period.

Beyond fuel savings, electric vehicles have the lowest maintenance, repair and tire costs, according to the US industry organization.

AAA this year launched an online cost calculator, a tool that allows consumers to determine the overall cost of driving a vehicle.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.