Looking to buy a new car?

It's going to cost you... in 2022, owning a new car is anything but cheap.

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AAA just released its annual "Your Driving Cost" Study, which aims to break down the costs of the most popular car models on the market, while determining the cost of owning a new car including depreciation, finance, fuel, insurance, license/registration/ taxes and maintenance/repair/tires.

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The Breakdown

AAA used five top-selling models in each of nine vehicle categories to calculate ownership costs across a variety of factors; the data collected from those numbers were then combined and averaged to determine the overall cost to own a new car in 2022.

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The nine vehicle categories were broken down into:

  • Small sedan
  • Medium sedan
  • Subcompact SUV
  • Compact SUV
  • Medium SUV
  • Mid-size pickup
  • Half-ton pickup
  • Hybrid
  • Electric

RELATED: Gas Prices Fall Below $3 In Colorado: Here’s Where To Find The Cheapest

Key Findings: 

Based on the motor club's findings,

  • Small sedans feature the least expensive overall costs, which makes them attractive to first-time buyers
  • Medium sedans, although average when it comes to overall costs, are the most expensive to insure 
  • Compact SUVs are the least expensive to insure 
  • Half-ton pickups feature the highest overall driving costs 
  • Electric cars are the least expensive for maintenance, repair & tire costs, fuel and licenses, registration & taxes while being the highest for depreciation
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The Main Takeaway

With all things considered, the overall average cost to own and operate a new car in 2022 will run you about $10,728 - that's an increase of more than 10% over the last year.

In the state of Colorado, however, the average yearly cost to own and operate a new car in 2022 comes out to about $11,451, which is 7% higher than the national average.

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Gas Prices & The Effect On Car Searching In 2022

AAA found electric cars to be a hot commodity among Americans looking to purchase a new car in 2022 - and outrageous gas prices might (ok, certainly) have something to do with it.

"High gas prices aren't just changing driving habits - they're also changing the way Americans think about cars," said Skyler McKinley, regional director of public affairs for AAA.

"In fact, AAA research shows that one of the main reasons more folks want to go electric is to save money on gas."

Interested in calculating your own driving costs? You can do so now by utilizing AAA's online Driving Cost Calculator, which can be found here. 

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

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