The Tool Desk
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The recent squeeze is not one single price shock. Depreciation and borrowing costs remain large parts of the ownership bill, fuel prices rose during AAA’s study period, and repair prices increased. Insurance has moved differently by measure and location, which is why one household can see a large renewal increase while a national index is flat or falling.
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What owning a car really costs
A useful budget separates costs that arrive every month from costs that appear only when you sell the vehicle or face a major service bill. AAA’s 2026 benchmark assumes personal use over five years and 75,000 miles, evaluates seven vehicle categories and 34 top-selling models, and is intended as a national reference rather than an individual quote.
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|---|---|---|
| Depreciation | Loss in resale value from purchase to sale | AAA calls this the largest ownership cost; its weighted average was $4,422 per year. |
| Finance charges | Interest and other borrowing costs on the amount financed | A higher rate, larger loan or longer term raises the total even when the advertised monthly payment looks manageable. |
| Fuel or charging | Gasoline, household electricity or public charging | Miles driven and local energy prices determine the result; fuel economy alone does not. |
| Insurance | Liability and physical-damage coverage | Premiums depend on the driver, address, vehicle, limits, deductible and insurer. |
| Maintenance, repairs and tires | Scheduled service, unexpected failures, replacement tires and related labor | These costs rise with age, mileage, vehicle complexity and local labor rates. |
| License, registration and taxes | State and local charges connected with owning and operating the vehicle | They vary substantially by jurisdiction and vehicle value. |
AAA’s sales-weighted average MSRP for the vehicles in its 2026 sample was $39,376. Calculations use the buyer’s actual purchase price, not MSRP alone, for depreciation and finance costs. A discounted purchase can therefore change the ownership result even when two vehicles have the same sticker price.
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Why the bill has risen
Depreciation is a large, invisible payment
Depreciation does not appear on a monthly statement, but it is money you spend when the vehicle is worth less than you paid. New vehicles typically lose value fastest early in their lives, and the amount depends on model demand, condition, mileage, accident history and the price you actually paid. AAA’s $4,422 weighted annual average shows why looking only at fuel and service bills understates the cost of a new car.
Depreciation also changes the trade-in decision. A high payment on a vehicle that has lost value quickly can leave you owing more than its market value. Rolling that shortfall into another loan increases the next vehicle’s finance charges and can create a cycle of negative equity.
Borrowing costs amplify higher vehicle prices
When vehicle prices and interest rates are both elevated, the same monthly budget buys less car. Compare loans using amount financed, annual percentage rate, term and total finance charges, not just the payment. Extending a term can lower the payment while increasing the years you carry debt and the chance that the balance exceeds the vehicle’s value.
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- Wide Capability - Supports 9 protocols compatible with most 1996 US-Based, 2000 EU-Based and Asian cars, and newer OBD II & CAN domestic or import vehicles. Supports 6 languages - English,German, Dutch, Spanish, French, Italian.
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- ABS / Airbag codes NOT Supported - It is able to read and clear check engine information which is part of OBDII system, but it cannot work with non-OBDII systems, including ABS / Airbag / Oil Service Light, etc.
Fuel prices moved up during AAA’s study
At the time of AAA’s 2026 study, gasoline averaged $4.152 per gallon, up 31.8% year over year, while home electricity for EV charging averaged 18.0 cents per kilowatt-hour, up 7.8%. Those are study-period averages, not a promise about today’s price in your area. A driver who travels 15,000 miles annually can feel a very different fuel impact from a driver who works from home and drives 5,000 miles.
Repairs and maintenance are getting more expensive
The Bureau of Labor Statistics’ August 2026 Consumer Price Index release showed the unadjusted motor-vehicle maintenance-and-repair index up 5.2% from a year earlier. That is a measure of price movement for the category, not a national average repair invoice. Your bill depends on the failed part, labor rate, vehicle age, service interval and whether you use a dealer or an independent shop.
Modern vehicles can also require specialized diagnostic equipment and procedures. BLS notes that newer model years can change insurance premiums because their safety equipment and repair requirements differ. This does not mean every sensor or electronic feature raises every repair bill, but it helps explain why vehicle technology enters both service and insurance pricing.
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Insurance is not rising everywhere at the same pace
BLS reported the motor-vehicle-insurance index down 5.1% year over year in its August 2026 release. The index covers private-passenger insurance in U.S. cities and holds sampled driver and policy characteristics constant while tracking premiums. It includes liability and physical-damage coverage.
A national index is not your renewal notice. Rates can rise because of claims in your area, your driving record, a change in credit-based insurance scoring where permitted, coverage limits, deductibles, vehicle replacement costs or an insurer’s pricing strategy. Conversely, a household may see a decrease even while another household pays more. Compare the exact policy, limits and deductible before concluding that the market moved in one direction.
What the latest inflation data does—and does not—say
The Bureau of Transportation Statistics reported that the overall transportation Consumer Price Index rose 0.4% from December 2024 to December 2025. Motor-vehicle insurance, maintenance and repair, and used cars and trucks were the leading positive contributors in that period, while gasoline dampened transportation’s contribution.
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A contribution to inflation is not the same as a percentage increase in every driver’s bill. It describes how an item affected the index for the period, weighted by its share of consumer spending. The BLS category indexes are also price measures, not explanations of your mileage, vehicle condition or driving habits. Use them to understand direction, then use your own records for a household budget.
How much should you budget each month?
AAA’s monthly benchmark of $1,071.92 is a planning reference for a new vehicle under its stated assumptions. It is not a recommended payment and should not be applied unchanged to an older paid-off car, a used vehicle or a low-mileage household.
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- Payment and interest: use the lender’s amortization schedule and include taxes or fees financed into the loan.
- Depreciation: estimate likely resale value at your planned ownership date and divide the expected value loss by the months you will own the car.
- Fuel or charging: annual miles divided by real-world miles per gallon, or energy consumption per mile, multiplied by your local price.
- Insurance: quote the exact vehicle, address, driver, limits and deductible before buying.
- Maintenance and tires: set aside a monthly reserve based on the service schedule, tire life and the vehicle’s age; keep a separate emergency reserve for major repairs.
- Registration and taxes: divide annual or renewal charges by 12, including inspection or emissions fees where applicable.
This method exposes costs that a payment-only budget hides. If the total exceeds your target, change the vehicle, mileage, loan amount or coverage deliberately rather than assuming a longer loan solves the problem.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.EV, hybrid or gasoline: which costs less?
Powertrain comparisons must include purchase-linked costs, not just energy. In selected same-category comparisons, AAA found EV charging costs about 66% to 70% lower than gasoline costs. However, higher depreciation, fees and finance charges often offset those energy savings. In AAA’s medium-sedan comparison, the EV’s annual ownership cost was 29.1% above that of gasoline medium sedans.
AAA also found hybrids had lower annual costs than gasoline models in the four categories it compared. These are selected models and limited categories; AAA says they should not be compared directly with its full-study average. A hybrid or EV is not automatically the cheapest choice for every driver.
| Question | What to compare |
|---|---|
| Energy | Expected annual miles, local gasoline and electricity prices, charging access and efficiency in your actual driving. |
| Purchase and resale | Transaction price, incentives, expected resale value and depreciation over your ownership period. |
| Financing | Amount financed, APR, term and total interest for each model. |
| Insurance | Quotes for the exact trim, address, driver profile, limits and deductible. |
| Service | Scheduled maintenance, tires, warranty coverage and likely repair exposure. |
As AAA director of automotive engineering Greg Brannon put it, “By looking at EVs, hybrids and traditional gas-powered vehicles within the same categories, consumers can better understand how total ownership costs vary by powertrain.”
A step-by-step way to find your own increase
- Collect 12 months of records. Download loan statements, insurance renewals, fuel or charging receipts, repair invoices, registration bills and tire purchases.
- Separate fixed and variable costs. Put payment, insurance and registration in one group; put fuel, charging and mileage-related maintenance in another.
- Compare prices with quantities. A higher fuel total may reflect more miles, a higher price per gallon or both. A larger repair total may reflect one unusual failure rather than a general trend.
- Check insurance line by line. Confirm vehicle, garaging address, drivers, limits, deductibles, discounts and mileage. Request competing quotes using identical coverage.
- Annualize irregular bills. Divide a $600 repair reserve or annual registration charge by 12 instead of treating the month it occurs as a permanent monthly cost.
- Calculate ownership cost per mile. Divide your annual all-in total by miles driven. This reveals why a low-mileage vehicle can have a high cost per mile even when its fuel bill is small.
- Test alternatives. Price keeping the current car for another year, replacing it with a used vehicle, buying a different powertrain and changing the loan term. Include expected resale value in every scenario.
Ways to lower the total without hiding the cost
- Get financing pre-approval. Knowing your rate and maximum amount helps you evaluate dealer financing and prevents the monthly payment from becoming the only negotiating target.
- Negotiate separately. Treat vehicle price, finance rate and trade-in value as three different negotiations. Combining them can conceal an inflated price or rolled-in negative equity.
- Choose the ownership horizon first. If you plan to keep a car for many years, a slightly higher purchase price may be acceptable when depreciation, reliability, energy and insurance produce a lower total. If you change cars frequently, early depreciation matters more.
- Match coverage to risk, not fear. Review deductibles and limits with an insurance professional; dropping necessary liability protection can create a much larger financial exposure than the premium savings.
- Follow the service schedule. Preventive maintenance cannot eliminate failures, but it can reduce avoidable wear and provide earlier warning of problems. Keep receipts and address safety-related issues promptly.
- Use calculators as a check. AAA provides ownership-cost and repair-cost calculators that let you vary vehicle category, powertrain, location and driving habits. Treat the output as an estimate and replace its assumptions with your quotes and records.
Common mistakes when comparing cars
- Comparing monthly payments while ignoring down payment, trade-in equity, interest and the total amount financed.
- Calling a lower fuel bill a lower ownership cost without estimating depreciation, insurance and financing.
- Applying a national CPI change to a personal renewal or repair invoice.
- Using MSRP instead of the actual transaction price when estimating depreciation and finance charges.
- Assuming the 2026 AAA total is a directly comparable increase from 2025. AAA changed its methodology, so its 2025 estimate of $11,577 per year ($964.78 per month) should not be used as a clean year-over-year comparison.
- Budgeting only routine service and having no reserve for tires, towing or an unexpected repair.
How to decide whether keeping your car is cheaper
Compare the next 12 months, not the money already spent. A paid-off vehicle may still have depreciation, insurance, fuel, maintenance and repairs, but replacing it adds a purchase price, transaction costs and potentially years of interest. A newer vehicle may reduce repair risk or fuel use while imposing faster depreciation and higher insurance.
For each option, write down purchase price, expected resale value, loan terms, insurance quote, energy cost, scheduled service, tires, registration and a realistic repair reserve. Use the same mileage and ownership period for every option. The lowest payment is not necessarily the lowest cost, and the lowest cost is not necessarily the safest choice if it leaves you without adequate reliability or liability coverage.
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