Own a car? You're getting socked by higher prices, and not only for gas
Summary
The overall cost of owning a car in the U.S. has increased significantly since 2020. While gas prices have gone up, higher repair costs, insurance rates, and maintenance are the main reasons for the rising expenses.Key Facts
- Car ownership costs have increased by 50% since 2020.
- Repair costs for cars have risen 70% in the last five years.
- Average repair costs for a new car in the first five years are about $1,750.
- Auto insurance costs about $2,124 per year for full coverage in 2026.
- People are keeping their cars longer; the average passenger car age was 14.5 years in 2025.
- Cars now have more electronic parts and sensors, making repairs more expensive.
- A shortage of mechanics has driven up service prices.
- Gas prices average $4.33 per gallon, up 45% since February due to the war with Iran.
- It costs about $12,863 per year to own and operate a new vehicle, or roughly $1,072 per month.
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