Yearly cost of operating a new vehicle rises to more than $10k per year

FARGO, N.D. (KVRR) – It seems like everything is becoming more expensive this year with inflation causing a spike in gas, food and now car shopping.

AAA says the average yearly cost to own and operate a new vehicle is $10,700. That’s just less than $900 per month.

It’s an 11 percent increase from 2021 and fuel prices are playing the biggest factor pushing costs higher.

In North Dakota, the average cost is about four percent less than the national annual average.

Experts say if you’re looking for a new ride, don’t just focus on the sticker price.

“You got insurance, you got depreciation, you got gasoline costs, you got maintenance costs. All these come together to significantly increase the cost of vehicle ownership. Understand how much you may end up paying for a new vehicle and then shop as if it’s a business decision,” AAA Regional Director of Public Affairs Gene LaDoucer said.

LaDoucer believes the national average could go down slightly by the end of 2023, but the market is always tough to gauge.

Categories: Business