Average 2017-Model-Year Vehicle Costs Nearly $8,500 Annually To Own, Operate

Owning and operating a new vehicle in 2017 will cost a driver an average of $8,469 annually, or $706 each month, according to a new study from AAA. Its annual evaluation of driving costs reveals that small sedans are the least expensive vehicles to drive at $6,354 annually; however, small SUVs ($7,606), hybrids ($7,687) and electric vehicles ($8,439) all offer lower-than-average driving costs to U.S. drivers. Conversely, of the nine categories included in AAA’s evaluation, pickup trucks are the most expensive vehicles to drive at $10,054 annually.

To estimate the overall cost to own and operate a new vehicle, AAA evaluated 45 2017-model-year vehicles across nine categories and focused on mid-range, top-selling vehicles. Its annual driving cost is based on a sales-weighted average of the individual costs for all of the vehicle types. Key findings include …
• New vehicles, on average, will cost a driver $1,186 per year to maintain and repair. This includes factory-recommended maintenance, replacement tires, extended warranty costs and services associated with typical wear-and-tear.
• Without a gasoline engine to maintain, electric vehicles have the lowest annual maintenance and repair costs, at $982 per year.
• Fuel costs vary significantly by vehicle type, ranging from 3.68 cents per mile for electric vehicles to 13.88 cents per mile for pickup trucks.
• New vehicle owners, on average, will spend just over $0.10 per mile, or about $1,500 annually, to fuel their vehicles.
• Small sedans ($2,114) and small SUVs ($2,840) have the lowest annual depreciation costs, while minivans ($3,839) and electric vehicles ($5,704) are at the high end of the scale.