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5-Year Cost to Own: $34,422 ©Subaru. 2023 Subaru Legacy — Mid-size Car. Fuel costs: $7,474. ... to get his take on vehicles that cost the least in the first few years of ownership.
In 2022, the latest year for which statistics are available, AAA estimated that the annual cost of car ownership was $10,728, up from an average of $9,666 the previous year.
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service. It is a management accounting concept that can be used in full cost accounting or even ecological economics where it includes social costs .
New Jersey: The estimated five-year cost of owning an EV is $63,426. A gas-powered car costs $73,771. West Virginia: The estimated five-year cost of owning an EV here is $65,193.
The DoE expects than even before the latter goals are met, the 5-year cost of ownership of most plug-in hybrid electric vehicles and of all-electric vehicles with shorter ranges, such as 100 mi (160 km), will be comparable to the same cost of ICE vehicles of similar size. [85] [86]
In this analysis, it compared hybrids' 5-year cost of ownership to their all-gas counterparts. The analysis showed that the 2010 Honda Civic Hybrid cost an additional $1830 (~$2,557 in 2023) over a 2010 Honda Civic EX 2D Coupe with an Automatic Transmission (the report assumes 15,000 miles are driven annually and fuel prices are based on a ...
The five-year cost of ownership expense there is just $21,384. Gas is comparatively cheap in the Buckeye State, and Ohioans pay $282 less per year to insure their cars than the average American ...
Furthermore, the IRS considers, for tax deduction calculations, that the automobile has a total cost for drivers in the US, of US$0.55/mile, around 0.26 EUR/km. [64] Data provided by the American Automobile Association indicates that the cost of ownership for an automobile in the United States is rising about 2% per year.