Costly Cars

The average cost of owning and operating a new car in 2023 is $12,182, up significantly from $10,728 in 2022. Annual operating costs consisting of fuel and maintenance are $3,864/year, while ownership costs of depreciation, finance charges, insurance and fees total $8,318/year, based on driving 15,000 miles/year. Compared to 2022, depreciation rose by $882/year, finance charges almost doubled to $1,253, and insurance costs rose $177 to $1,765. Gasoline was unchanged.