AAA finds Americans spent $10,000 in 2021 to own and drive a new car, though 'actual driving costs will vary'

Using the American Automobile Association’s (AAA) formula, the annual cost to drive and own a new vehicle now climbs close to $10,000.

The association’s latest "Your Driving Costs" study revealed that this year, the national average cost reached $9,666.

“The use of standardized criteria ensures AAA estimates are consistent when comparing the driving costs of different vehicle types,” AAA stated in its 2021 “Your Driving Costs” brochure. “Actual driving costs will vary based on driving habits, location, operating conditions and other factors.”

According to AAA’s interactive “Your Driving Costs” tool, their formula to calculate a vehicle's annual cost factors in depreciation, fuel, insurance, license, registration, taxes, maintenance, repair, tires and original financing of the vehicle.

In 2021, new cars averaged $3,900 in depreciation during the first year, which was calculated using the purchase price and the vehicle’s five-year trade-in value, according to Car and Driver.

AAA did its first driving cost study in 1950. In that year, driving one’s own car 10,000 miles cost 9 cents a mile, and purchasing gasoline was only about 27 cents per gallon. This year, AAA altered its methodology for its current calculations. Hence, the overall cost through the years can't be directly compared, thought it's worth noting that the yearly cost was $9,561 in 2020 and $9,282 in 2019, Car and Driver reported.