Assuming both drive 15,000 miles/year, it would cost approximately $2,700/year to fuel the gas-powered vehicle and $600/year to charge the electric vehicle.
For comparison, an electric vehicle owner will spend about 4.0 cents per mile to charge their vehicle at home, while the owner of a gas-powered vehicle will spend an average of 18.4 cents per mile to gas up. This year’s Your Driving Costs analysis reveals that electric vehicles have the second lowest annual ownership costs behind small sedans. In fact, a recent AAA consumer survey found the main factor behind Americans’ desire to buy an electric vehicle is to save on fuel costs. One way they do this is by exploring electric vehicles as an option for their next car purchase. Because of the high variability of fuel costs, consumers are considering alternative ways to budget for the cost of vehicle ownership. Gas prices have seen a dramatic climb since early March, and, as a result, the cost of vehicle ownership has increased accordingly since the Your Driving Costs evaluation was completed. During that time, fuel prices averaged 17.99 cents per mile or $3.999 per gallon. The study assumes a five-year ownership period, with the vehicle being driven 15,000 miles/annually (or a total of 75,000 miles).įor this year’s study, fuel costs were projected based on a weighted average of the first five months of 2022. AAA selects top-selling, mid-priced models and compares them across six categories: fuel, maintenance/repair/tire costs, insurance, license/registration/taxes, depreciation, and finance charges. In the most recent analysis, AAA evaluated nine categories of vehicles – consisting of 45 models – to determine a new vehicle’s average annual operating and ownership costs. “With the recent increase in fuel prices, more and more people want to know the true costs of owning a car beyond their monthly payment.” “Consumers are paying more attention when purchasing a new vehicle since everything is more expensive right now,” said Greg Brannon, AAA’s director of automotive engineering. Not surprisingly, fuel prices are the most significant factor pushing this year’s average annual price tag. A considerable increase from 2021, when the average yearly cost was $9,666 or $805.50 per month. According to the latest research from AAA, the average yearly cost to own and operate a new vehicle in 2022 is $10,728, or $894 per month. 11, 2022 ) – For over 70 years, AAA’s Your Driving Costs has provided members, consumers, and the media with information on the average costs of owning and operating a new automobile.
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