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Cost of new car ownership soars past $10K, AAA finds

Car buyers are paying more for all things automotive, including fuel, maintenance, and insurance.

DENVER — The annual cost to own and operate a new vehicle in 2022 is up more than 10% over last year, according to new analysis from AAA.

AAA's Your Driving Costs report found that the average yearly cost to own and operate a new vehicle is $10,728, or $894 a month, in 2022.

That annual cost is 11% more than from 2021, when the average yearly cost was $9,666 or $805.50 per month.

AAA found that in Colorado, the average yearly cost to own and operate a new vehicle in 2022 is $11,451, 7% higher than the national average.

Amid historic inflation, new car buyers are paying more for fuel, maintenance, and insurance, said AAA.

RELATED: How long will inflation prices last?

"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."

AAA recommends car buyers start the process early due to limited inventory and choices. Other tips include getting pre-approved on financing, creating a budget and comparing insurance rates.

RELATED: City and county of Denver set to increase local minimum wage to $17.29 an hour for 2023

RELATED: Lower prices offer Americans slight reprieve from inflation

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