The cost of refueling a gasoline car in a year was $2,100 more than the cost of charging an electric car.

The American Automobile Association (AAA) has calculated the average cost of owning a new car in the US. In 2022, it reached $10,728 or $894 per month, up 11% from $9,666 in 2021. The main reason for the rise in prices is the increase in fuel prices.

In the latest analysis, AAA evaluated nine vehicle categories, comprising 45 models, to determine the average annual operating and ownership costs of a new vehicle. AAA selects the top-selling mid-range models and compares them across six categories: fuel, maintenance/repair/tyres, insurance, license/registration/taxes, depreciation, and financial costs. The study assumes a five-year vehicle ownership period where the vehicle is driven 15,000 miles (24,140 km) per year, or a total of 75,000 miles (120,700 km).

Fuel costs have been projected based on a weighted average over the first five months of 2022. During this time, fuel prices averaged 17.99 cents per mile, or $3.999 per gallon ($1.05 per liter). The cost of gasoline has risen sharply since the beginning of March and, as a result, the cost of owning a vehicle has also increased.

AAA experts noted that this year it is most profitable to use small sedans, and electric cars came in second place. Electric cars have the lowest maintenance costs, and the state stimulates their sales with various benefits.

In the case of using home charging, one mile on an electric car will cost an average of 4.0 cents per mile. At the same time, the owner of a gasoline car will spend an average of 18.4 cents per mile. Assuming both drive 15,000 miles a year, fuel for a gasoline-powered car would cost roughly $2,700 a year, while charging an electric car would cost $600 a year. The difference is $2100. 

Source: AAA

Tags: statistics USA
Евгений Ушаков
Evgenii Ushakov
15 years driving