Compare both cars over the same ownership period and mileage, add every cost you expect to pay, then subtract each car’s estimated resale value. The result should show total cost, average annual cost, and cost per mile—not just the monthly loan payment. Your estimates are only as useful as their assumptions, so record the mileage, location, loan terms, energy prices, insurance coverage, and resale method used for each car.
Choose a fair comparison period and mileage
Start by deciding how long you expect to keep each car and how far you expect to drive it. Use the same end date and total mileage for both alternatives unless you are deliberately comparing different use patterns. A five-year comparison is a practical example, not a rule: AAA’s 2026 new-vehicle analysis uses five years and 75,000 miles, while its ownership-cost calculator also uses a five-year period and trade-in value.
Compare vehicles that serve a similar purpose—such as two compact SUVs—so the result answers a useful question. If you are comparing different powertrains, keep size and use as similar as possible, and include both energy costs and depreciation. AAA cautions that its smaller EV and hybrid subset should not be compared directly with the average for its full study.
List every cost that belongs in the estimate
AAA groups vehicle ownership costs into six categories: depreciation, financing interest, fuel, insurance, fees, and maintenance, including repairs and tires. Add household-specific expenses such as parking and tolls when they apply. For each car, separate upfront cash flows from costs that occur during ownership so you do not count the same expense twice.
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Purchase price, taxes, and fees
Use the negotiated purchase price, plus applicable sales or purchase taxes, title and registration charges, and relevant delivery or dealer fees. A down payment affects how much cash you need at purchase, but it is not an additional ownership cost on top of the vehicle’s full purchase price. If your total already includes the full purchase price, do not add loan principal again.
Depreciation and resale value
Estimate depreciation as the amount paid for the car minus its expected resale or trade-in value at the end of the comparison period. Apply the same mileage condition and resale method to both vehicles. AAA identifies depreciation as the largest ownership cost in its 2026 analysis, with weighted-average depreciation of $4,422 per year across the vehicles covered. That is a benchmark for AAA’s sample, not a forecast for either car you are considering.
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Resale value is uncertain. Rather than presenting an exact-looking number as guaranteed, use a reasonable low and high estimate if the cars’ future values are difficult to predict, and show how much that uncertainty changes the comparison.
Financing interest
Include interest based on the actual loan offer for each car, or on comparable loan terms if you have not chosen a lender. For a cash purchase, include no loan interest. If you want to account for what the cash might otherwise earn, show that opportunity cost separately; AAA’s cited method counts financing interest rather than this alternative.
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Fuel or electricity
Estimate energy cost from expected miles, each car’s relevant fuel economy or electricity use, your expected city/highway driving mix, and a stated fuel or electricity price. Use a consistent price assumption when the cars use the same energy source; retain genuine differences such as fuel economy or charging needs. AAA’s calculator allows a customized energy price.
Insurance
Get quotes for the actual vehicles using the same drivers, address, coverage limits, and deductibles. Otherwise, an apparent price difference may reflect different insurance terms rather than the cars. AAA’s calculator uses a defined full-coverage driver profile, so its estimate may not match your personal quote.
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Maintenance, repairs, and local costs
Include expected scheduled maintenance, tires, and repairs, along with local taxes, registration, inspection, parking, tolls, or other costs that apply to your household. Do not assume maintenance or fees are identical if the vehicles differ. The U.S. Department of Transportation’s vehicle-cost report and the NHTSA worksheet can help identify cost categories, but an older worksheet is a checklist rather than a source for current prices.
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Use one row per cost category and one column per vehicle. Record the source or assumption behind each estimate, especially for resale value, repairs, energy use, and insurance. This makes it easier to see whether a difference comes from the cars themselves or from an assumption that should be matched.
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| Cost item | Car A | Car B |
|---|---|---|
| Purchase price, taxes, title, registration, and relevant fees | Enter vehicle-specific estimate | Enter vehicle-specific estimate |
| Expected resale or trade-in value at the end | Enter estimate | Enter estimate |
| Depreciation (purchase price minus end value) | Calculate | Calculate |
| Loan interest over the period | Enter actual or comparable loan estimate; zero for cash purchase | Enter actual or comparable loan estimate; zero for cash purchase |
| Fuel or electricity | Estimate using mileage, energy use, driving mix, and price | Estimate using mileage, energy use, driving mix, and price |
| Insurance | Quote using matching coverage and household details | Quote using matching coverage and household details |
| Maintenance, tires, and repairs | Vehicle-specific estimate | Vehicle-specific estimate |
| Local taxes, fees, parking, tolls, and other applicable costs | Enter applicable estimate | Enter applicable estimate |
| Total cost over the ownership period | Sum costs, counting depreciation once | Sum costs, counting depreciation once |
For each car, calculate:
- Total ownership cost: add depreciation, financing interest, energy, insurance, maintenance and repairs, and applicable taxes, fees, parking, and tolls. Avoid double-counting purchase price, loan principal, or resale value.
- Average annual cost: divide the total by the number of years in the comparison.
- Cost per mile: divide the total by expected miles over the ownership period.
Keep assumptions in a short companion record: ownership years, annual and total mileage, city/highway mix, energy prices, loan terms, insurance coverage, and the basis for resale and repair estimates. If an assumption is uncertain, show a range rather than false precision.
Read the result without mistaking a benchmark for your answer
AAA reports an average annual cost of $12,863, or $1,071.92 per month, to own and operate a new vehicle in its 2026 analysis. AAA says the estimate is based on its defined analysis and that actual costs vary with location, driving habits, and operating conditions. It is context, not a prediction for your two cars. AAA also changed its methodology for 2026, so the figure should not be compared directly with its 2025 estimate.
When one car has cheaper fuel or electricity but higher depreciation, compare the full totals rather than declaring a winner from a single category. The same applies to a lower payment: payment size is shaped by the down payment, loan length, and interest rate, and it does not capture every ownership cost. Look at total, annualized, and per-mile figures together, then test whether a plausible change in resale value, repair expense, mileage, or energy price would change which car costs less.
Keep tax standards separate from household budgeting
The IRS’s Collection Financial Standards are allowances used in tax administration, not a household car-cost calculator. Standards effective June 29, 2026 list a national ownership-cost allowance of $703 per month for one car and $1,406 for two cars; operating expenses are listed separately and vary by region. Those figures do not estimate the actual cost of owning two specific vehicles, so do not substitute them for vehicle-by-vehicle costs.
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